Online Banking

Username:
Password:
 
 

Branch/ATM Locator

Enter a ZIP code to find the nearest ATM.

Latest News

We will be this closed Saturday, Sunday, and Monday in observance of MLK Jr. Day.... Read More January 18, 2019
Next week -join us for another free Shred Day at the South Reno Branch on... Read More January 17, 2019
Estate planning – it’s not just for the wealthy! Join us at this talk to... Read More January 16, 2019
Community is one of our #CoreValues Read More January 15, 2019
2008 –> 2018 Our Sparks Crossing Branch’s Grand Openings were ten years apart! #10yearchallenge Read More January 15, 2019
Take a look back in to the past, read more about Martin Luther King Jr.... Read More January 14, 2019
Martin Luther King Jr. Day January 14, 2019

Read More

Did you know we offer FREE online financial education? Click the link below to see... Read More January 12, 2019
Wondering where mortgage rates are headed in 2019? Read more: https://www.greatbasin.org/15713/mortgage-rates-headed-2019/ Mason-McDuffie Mortgage – Reno,... Read More January 11, 2019
Where are mortgage rates headed in 2019? January 11, 2019

Read More

#JustAskJennifer – How can one take over someone else’s car loan and payments?

Just Ask Jennifer

Question:

My Mom has a car loan with Great Basin that has a balance of about $6,800. Mom had a stroke and will not drive anymore. She wants to give her granddaughter the car and take over payments. Can you please advise the proper way to handle this. I want to make sure the car and car loan will no longer be in my Mom’s name.
Thank you!

Answer:

I am so sorry to hear about your mom’s stroke.  I imagine it is difficult for her to give up the freedom of driving.  You ask a great question and I appreciate you trying to do what is best for everybody. 

There are a few reasons that it is best that the car gets refinanced out of your mom’s name.  First, the insurance and registration should always be in the name of the driver to ensure proper protections for unforeseen circumstances.  Heaven forbid there was an accident, your mom could be held liable if the title, registration and insurance are in her name.  The second reason it is best is because if the granddaughter did not make timely payments, your mom would continue to be responsible and her credit would be impacted.  Finally, if your mom were to pass away, it would be difficult (but not impossible) to transfer the title into the name of the next owner, which could be stressful.

I recommend the granddaughter contact the credit union and explain the situation.  We could get an application started for her to see if she can qualify on her own.  If her credit us not strong enough individually, we can always consider a cosigner.  If she is able to qualify individually, the process is very simple and could be complete in just a day or two.  Please have her call the loan department at 775.789.3171 to get started today, they will help walk her through the process.  Tell them that Jennifer sent you.

Thank you for just asking Jennifer!

 

Have your own question for Jennifer? Just use the hashtag #JustAskJennifer on social media, or submit a question here.

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *