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Giving away car ownership when the car has a lien....

A

amdforever2

Golden Member
The issue is that my aunt and uncle are buying a car for me, with me making the payments to Ford Motor Credit.

The problem is they can't be considered owners, although they will be the people that owe the loan.

Can they give ownership entirely to me, and still hold the loan? What will Ford Motor Credit say?

If they are owners and I drive the car and get in a wreck, they can be sued by the other party. They're doctors so they worry about that.

Can they "gift" the car to me, before it is paid off?
 
Depends on the state laws but I highly doubt it. You'll need to pay off the previous loan and then transfer the title.
 
Just have the as co-signers on your loan. This way all they are doing is vouching to pay the loan if you don't. If you don't have a bankruptcy or bad credit it shouldn't be a problem.
 
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