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Puerto Rico Banking Questions & Answers
1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Puerto Rico on
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... Read more »

Nelson Jose Francisco Alvarez-Aponte
Nelson Jose Francisco Alvarez-Aponte answered on May 13, 2020

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... Read more »

1 Answer | Asked in Banking for Puerto Rico on
Q: My grandfather has a joint Banco popular account with my mother she has passed. Now its frozen for 2 years please help

My sister was head of my mother's estate and knowing that account wasn't my mother's she informed the bank about my mother's death. She never listed the account in probate court and never helped get the account reopened it's been closed now for 2 years now and my... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 20, 2019

Unless someone does something before your grandfather passes Banco Popular will win. If they have not been doing it already, Banco Popular will start service charging the account each month, draining off as much money as possible before the government of Puerto Rico requires them to turn over... Read more »

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