I have paid regularly for my car for the past 2 years but no longer need a car following a change of address. I will be leaving the country soon and the car company will not let me ship the car out. Selling it would mean a loss as I'd still owe the finance company. I could try and sell it privately but what's the chance of getting $17k+ privately? My sister in law is willing to take over responsibility for the car. Is this a possibility.
My husband and I are planning on getting another car..?
In many states, you can transfer cars to family members like brothers for no charge. With your car having a lien, you have to call the finance company to make sure what you propose is kosher.
Why the vin number in a vehicle stars with a number or a letteer?
Once you sign your car over to your brother, he can transfer the car over to his wife (at no charge) and she becomes responsible for the payments with the blessing of the finance company.
Obtaining a private car dealers license?
Yes. She must have the car put in her name & to get her own insurance. Make sure she does these things! If she has an accident & it's not in her name, you will be responsable!
Is it better to finace a vehicle using the automotive company say Ford or from a bank?
It is possible, but a few hurdles must be jumped first. The finance company would need to be notified. The best situation is the loan company issues a new loan to your sister in law and then pays off your loan and you are free and clear. Another option, you become a co-signer your sister in law's loan (the finance company may want this if her credit isn't as good). With this loan, you are financially liable for the loan if she does not pay. Another option is that you have a contract with her. She agrees to pay you each month and you pay the finance company. The downside is, you still have to have insurance in your name because the vehicle is in your name and your sister in law also has to be on the insurance. Registration and taxes is still your responsibility. You would also have to have a notarized paper authorizing her to drive and maintain the upkeep of the vehicle. Can get pretty complicated. Try to get her to get a loan from the finance company and pay your off.
When is it time to buy a new (or used) car?
Yes just sign it over to and she will be responsible you have to go to the place you have the loan through get her approved and they will sign it over to her then she has the responsibility from there on
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