Desire to sell car (with title in my name ) to relative and eliminate my insuran
Want to sell a vehicle (which I am still making payments to loan company) to a relative, allowing them to make monthly payments to me. How can I eliminate my current obligation to insure the vehicle with existing loan company?
1 Answer from Attorneys
Re: Desire to sell car (with title in my name ) to relative and eliminate my ins
If your relative is making payments to you and you are in turn making payments to the creditor, you cannot relinquish your obligation. If you were to sell the car outright, you could then pay off the obligation, assuming there is no penalty for early pay-off. Another option would be to assign the title and obligation to the relative, but you would probably need the authorization of the creditor.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
1230 Peachtree Street NE
Atlanta Georgia 30309
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