, as the payoff amount is typically different from calculating how many monthly payments she has left. Once you know how much she owes, you can decide how you would like to move forward.
If you can afford it, you could opt to pay off the loan for her or use an escrow service. Once paid off, your sister will receive the title and can officially transfer it to you.
Another option is to see if your sister’s lender would allow a loan transfer. If they do, the lender would check your credit and ensure you meet the requirements to borrow; then, you can take over the loan.
After you officially own the vehicle, don’t forget you will need car insurance on it. If you want to save money, the
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.