I have a loan out for my car. Sister wants to make payments on it.
I am a member of Members First Credit Union, I have a loan for a 2004 Pontiac Sunfire. My sister wants to buy it but she has bad credit, she cannot get a loan for the amount to buy it out right. Here is my question.
Can I keep the loan at my bank in my name and cancel the insurance under my name, my sister would get insurance in her name for the car that's loaned out to me? If that makes any sense.
She would just pay me the monthly payment and then I would pay the bank!
Let me know!
Rick