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Roger
Roger, Attorney
Category: Bankruptcy Law
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I purchased a new car on my own without any money from a family

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I purchased a new car on my own without any money from a family member and financed it with a bank. Several months later my mom gave me the full amount I owed on the loan. She did this to in essence transfer the loan to her. I reduced my interest rate and lowered my monthly payment (for same duration as the bank loan). She benefits by making higher interest dividends than a CD would pay her. I did not file a lien at that time. I may be filing chapter 7 within a year or so. I have all the documentation showing my monthly checks to my mom for my car loan payment. If I file a lien now do I have any chance to avoid the car being taken away at a later date if I file for bankruptcy? E.B. Miami, Florida
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 7 years ago.

You need to execute a vehicle promissory note to your mother for the amount she loaned you and take that to your county tax office and ask for this lien to be added to the vehicle's title. You can find a promissory note online - just "google" it.

 

So long as the lien is an honest one - in that you're paying her back and can prove it - it should protect the vehicle.

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