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Old 06-17-2019, 02:35 AM
 
2,801 posts, read 1,244,507 times
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Hi. I'm considering purchasing a vehicle for my nephew. The car loan will be in my name, but I'd like to transfer ownership to him. Is this possible? He is covered by his father's insurance, so that's not an issue. The problem (probably) is that I am not a full-time NC resident, so I don't have a NC driver's license, and the info I've found online seems to suggest that a NC driver's license is necessary for transferring a title in-state. Is this the case? Many thanks for any info you might be able to offer.
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Old 06-17-2019, 05:11 AM
 
2,064 posts, read 1,062,489 times
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If the title is going straight from the seller to your nephew, then I don't think you'll have an issue. Are you buying from a dealer or an individual? How are you borrowing the money...as a car loan from a bank? Will they allow you to borrow money on a car thats going to be titled in someone else's name?

Honestly, I'd urge you reconsider car payments in general, and especially payments for a car you're giving to someone else. Lots of potential for problems.
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Old 06-17-2019, 05:20 AM
 
Location: The Triad (NC)
31,401 posts, read 69,992,347 times
Reputation: 37504
Quote:
Originally Posted by OrganicSmallHome View Post
Hi. I'm considering purchasing a vehicle for my nephew.
The car loan will be in my name, but I'd like to transfer ownership to him. Is this possible?
Since you don't actually own it... I'd say that's up to the lender (lien holder) ...and highly unlikely.
As to the rest of the well intended scheme... I don't see it working out well either.
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Old 06-20-2019, 08:27 AM
 
Location: under the beautiful Carolina blue
20,006 posts, read 29,851,907 times
Reputation: 15814
I would just make him the titled owner from the get-go if the lender will allow it. It's really their call.
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