Purchasing from family: Transfer ownership and autopayment

[deepeeenn]

Hey guys,

Small time lurker, first time poster.

I’ve been thinking about getting a Tesla for a while and was considering a Model Y but after speaking to my dad who owns (makes payments) on a Model 3 that I would just purchase his and take over payments so that he could get a Model Y that would work out better overall for him.

So a couple details, he live’s out of state in Oregon and I live SoCal. It’s been awhile since I’ve bought a car that required payments (as I tend to pay cash). There are resources for tranfering ownership but my question is what is the process in order to transfer ownership AND take over auto payments? Anything else I should be aware of?

Thanks in advance!

 

[jjrandorin]

Hey guys,

Small time lurker, first time poster.

I’ve been thinking about getting a Tesla for a while and was considering a Model Y but after speaking to my dad who owns (makes payments) on a Model 3 that I would just purchase his and take over payments so that he could get a Model Y that would work out better overall for him.

So a couple details, he live’s out of state in Oregon and I live SoCal. It’s been awhile since I’ve bought a car that required payments (as I tend to pay cash). There are resources for tranfering ownership but my question is what is the process in order to transfer ownership AND take over auto payments? Anything else I should be aware of?

Thanks in advance!

Is it a lease?

If its a lease you will need to do a lease transfer. If its not a lease, there isnt any way for you to "take over" his autopayments. You will need to either pay him cash to pay off the loan, or get a loan yourself to pay it off. If he has a loan, its on his credit, and unless you are on the loan I dont think there is a legitimate way to simply "take over" the payments AND also have liability for the vehicle be under you, which is where it should be.

That is, unless you plan on simply giving him money for him to still make payments on it, which really isnt a good idea.