What sort of authorization would be needed when handing over a vehicle to another besides take over payment?

Question

legal authorization to vehicle transactions (e.g. insurance renewal,registrations,monthly payments,vehicle services)

Answer 1

you would want them to get financing in their own name to pay off any debt on the car in your name. The title would then be transferred. You would call your insurance agent and tell them the car has been transferred to another owner and to remove the car from your policy. once the car title trades hands, it becomes their responsibility to get it properly licensed and insured.

Answer 2

Auto finance is what I do for a living and it's not that simple.

You really only have 3 ways of doing it,

1. They get their own financing to pay you and you pay off your loan.

2. Your lender agrees to remove your name and put the buyers on the contract (which is very rare).

3. You draw up a contract between yourself and the buyer, they pay you so you can make sure that the payments are made on time and you must remain on the insurance policy and add the buyer to it also.

I have sold 2 vehicles using number 3 but you must have a great deal of trust to use this method.