Take over car payment?

Question

My daughter and I got a car, I am on the loan as first person and she on the car loan as co- signer. Yes she is the one that have been making payments but I told her I will take over the payments and car. While was making payments she had the car in her custody. I also told her will need to get the car refinance in her name alone if she want to keep the car. Neither one of us would have the car without the other. The car is register in my name as first person. I will take over payments, what is law on this.

Answer 1

If you live in different locations, the only problem might be with insurance.  The deciding factor is who's name is on the title.  That person then has to have the auto insurance in her name.  The finance company does not care who is making payments, as long as they are current.

Answer 2

This is confusing. If you are first on the loan, her payments were being made on your behalf. The money may have been coming from her, but they were being credited to your loan. Now, if you want to start making payments yourself, no problem. It's your loan anyway. That takes care of the payments.

Now, whose name is on the title? Whose name is on the registration? Who has the insurance? If that's you, then no problem. You take the car, which is already yours anyway.

If her name is on the title, on the registration, and has the insurance, then the car is hers and for you to get it, she would have to sell it to you so that you could get title, registration, and insurance in your name.

I hope I've understood correctly. Good luck.