HI Guys,
I want to transfer car to my wife's name. I still have loan on car which I want to keep as it is. Is it possible to transfer car with pending loan?
How will insurance transfer work? Does she need to get a new insurance or I can simply transfer to her name?
Appreciate your responses.
Regards
Not necessarily, most financiers don't give two shits who the vehicle is registered to, secured or not. If it was a novated lease, however, that would be a different story.
If the car is fairly new and you're insuring it for a fair bit, you'll need to pay a transfer fee. She can still drive a car under your name, saving you transfer costs and hassle of settling the loan.
Why transfer to your wife’s name? The owner, the registered operator and the insurance policy holder can alll be different people afaik. Surely she can just drive it registered to your name, it won’t be hard to determine who gets the parking fine/s!
You will lose out on transfer costs with the registration and might need to ‘sell’ it to her. In NSW you would need to it the transfer fee (not heaps) and stamp duty at the market value of the car which could be hundreds.
Agaik, spouse transfer of a car incurs no stamp duty in NSW. Only transfer fee
Like Stewardo said, it depends on the type of loan.
If the loan isn't secured to the car (ie, it's not a "Car Loan"), then you can just do it through VicRoads. Transfer to a spouse is exempt from the transfer fee/duty.
Depends on the loan, normally the car is the security for the loan, so to sell it you need to settle the debt.