Q: Whats the scoop on transferring auto loans in Puerto Rico, Affidavit vs no affadavit, How does it work on both sides?
I'd like to get a vehicle on the island and I understand the traditional methods of leasing and financing but i'm not familiar with the loan transfer process and can't find any relevant info via the web so far. I need a used vehicle but due to current circumstances, i'm unsure if i'll qualify for traditional lending methods or financing that make good fiscal sense. Thank you for your consideration!
A: Hello and thank you for using Justia. You will not find any laws since it is ilegal to transfer an account without the lender's authorization. There are many instances that have occured where the vehicle is sold to a third party but the title and loan continue in the name that appears on the loan. Thus a very risky business to partake in. The lender has a garantee and a lean on said vehicle. They are the real owner until the loan has been paid off in full.
If you need additional information please feel free to contact me directly.
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