Can I gift a finance car it to my son,?

I have finance car as collarteral with the bank. Can I gift it to my son,. Then he will be the registered owner

Can I gift a finance car it to my son,?

No, you can%26#039;t %26quot;gift%26quot; it to your son because you are not the owner - the bank is.

I am assuming you have a loan for this car.

You could re-negotiate the loan with your bank and put him on the loan, but he would still not be the %26quot;owner%26quot;- the bank is and holds the title until the loan is paid off.

Additional comment: you do not get to put anyone%26#039;s name on the title unless you own the car. The title is held by the lender. When the loan is paid in full, the lender sends you the title. The you can add whomever you want.

Do not confuse titling with registration

Can I gift a finance car it to my son,?

You will still have to make the payments, but this may be some violation of the terms of the loan. Better check up to see what it says in the loan paperwork. At this point you do not have the title to the vehicle, so you cannot transfer the title to him. There is also a clause in the loan that talks about the location of the vehicle. If your son lives in the same town as you or in the same neighborhood this would not present much of a problem, but if he lives in another state this will also be a violation of the terms of the loan. It might be a good idea to talk to the bank that holds the loan about your intentions.

Can I gift a finance car it to my son,?

you have one of two options

1. put his name on the title too

2. pay it off

you cant put it in your sons name until it is paid for unless he finances it in his name but i think you can add his name to the title until it is paid for.because if you could sign it over to him without it being paid for while the loan is in your name and something happened to the car all you would have to say is i don%26#039;t own the car and they couldnt make you pay for it if it gets totaled. Its a seller protection law.