Gifting Truck With Loan

Summary

In Tennessee, a vehicle with an outstanding title loan cannot be gifted or transferred until the loan is paid off. If the owner passes away, the debt becomes part of the estate, and the executor must handle it, possibly by selling assets. The person inheriting the truck wont automatically inherit the loan, but the estate must settle the loan before the truck can be transferred. Consult a local attorney for detailed advice.

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Tennessee
In Tennessee, here are the general rules:
- A vehicle can't be gifted if there's an outstanding loan tied to it.
- The loan must be paid off to clear the title before the transfer.
Please consult a local attorney for detailed advice.
Can the loan be transferred into his name?
In Tennessee, loan transfers are typically not allowed. The existing loan must be paid off before the vehicle's ownership is transferred. Please consult a local attorney for further advice.
His neighbors mother is the owner of the truck and sadly she only has max of a month or * before she passes. If the loan isn’t paid off what happens?
In Tennessee, if the loan isn't paid off before she passes:
- The debt becomes part of her estate.
- The estate's executor handles the debt, possibly through selling assets, including the truck.
- If the estate can't cover the debt, the truck may be repossessed.
Kindly consult a local estate or probate attorney for detailed advice.
If his neighbors mother puts the truck in her will to go to her son could that happen is there’s a title loan on it?
In Tennessee, the general rules are as follows:
- Even if the truck is in the will, the title loan must be cleared before the transfer.
- If the loan isn't paid, the truck may be repossessed to recover the loan amount.
Please consult a local estate attorney for more specific advice.
If she dies and the truck is in the will will the loan become whoever she leaves the truck for?
In Tennessee, the general rules are:
- If she passes, the debt becomes part of her estate.
- The person inheriting the truck won't automatically inherit the loan.
- However, the estate must settle the loan before transferring the truck.
Please consult a local probate attorney for more advice.