Loan Officers -need input
02-01-2009, 05:10 PM
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Staging Lane
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Loan Officers -need input Need advice on current situation. I gave my dad my truck back in december. The truck is still financed in my name and hes been paying me. He lives in NC, while I live here in texas, and he needs the vehicle registered up there. His insurance company is saying they need it registered up there to account for invested interest on his part. So should I ask my bank to add his name to the loan? or to the title? or both? Apparently he cannot register up there without his name on one of those. 
02-03-2009, 12:49 PM
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The car belongs to you and the bank that has the lien on it until you make the last payment. It will be a little difficult to "add" your father to the loan.
Depending on how long you have to pay it off you may want to register it in your name using his address up there and have him insure it so he can drive it legally. I agree with it having to be registered up there for his insurance company to be able to cover it but it doesn't have to be in his name
Depending on how long you have to pay it off you may want to register it in your name using his address up there and have him insure it so he can drive it legally. I agree with it having to be registered up there for his insurance company to be able to cover it but it doesn't have to be in his name