Asked in Banking, Business Law, Consumer Law and Contracts for Puerto Rico

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!

1 Lawyer Answer
Nelson Jose Francisco Alvarez-Aponte
  • Business Law Lawyer
  • Carolina, PR
  • Licensed in Puerto Rico

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.