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Old 10-19-2021, 06:09 PM   #1
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RV loan questions?

Have a few questions for some seasoned RV finance people.

My sister & brother in law purchased a used diesel pusher back in 2015.
I agreed to share 1/2 the payments and expenses with them to use it also.
Now they no longer want to use it and I have been paying 100% of the payment and expenses for the past two years.

I would like to get my name added on the the loan and the title so that I can also take over the insurance.

Questions:
Can a family member be added to an existing loan and title without having to repay purchase taxes? FYI this is in California.

Or would we have to refinance the loan to have me added?
would purchase taxes apply?
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Old 10-19-2021, 06:56 PM   #2
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That's a question to ask your financial institution; not a RV forum.
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Old 10-19-2021, 07:10 PM   #3
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That's a question to ask your financial institution; not a RV forum.
I disagree ,questions are what forums are for.

I have no answer for the op except maybe get a Montana llc
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Old 10-19-2021, 07:40 PM   #4
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Quote:
Originally Posted by F29DCB View Post
Have a few questions for some seasoned RV finance people.

My sister & brother in law purchased a used diesel pusher back in 2015.
I agreed to share 1/2 the payments and expenses with them to use it also.
Now they no longer want to use it and I have been paying 100% of the payment and expenses for the past two years.

I would like to get my name added on the the loan and the title so that I can also take over the insurance.

Questions:
Can a family member be added to an existing loan and title without having to repay purchase taxes? FYI this is in California.

Or would we have to refinance the loan to have me added?
would purchase taxes apply?
In the past I was able to transfer a vehicle's title from my name to a family members name without having to pay any tax. I actually did this twice, for two different vehicles & two different family members. CA DMV outlines the rules for when this is allowed. I hope for your sake it applies to RVs.

You will not be able to "take over" the insurance policy. Once you are the owner, you can get your own coverage.

Can't help you with assuming the loan.
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Old 10-19-2021, 07:48 PM   #5
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Thanks Ldubs

I actually don't want to take them off the title. just want to add myself.
That way we all have ownership of it long term even though I'm making the payments on it.

And yes, I would get a new insurance policy to replace the one they currently have.
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Old 10-19-2021, 07:49 PM   #6
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Unfortunately i don’t have first hand experience with vehicle loans, but I know for a fact you can be added to the loan and title. You would need to contact the lender and find out their requirements to do this.

Conversely, removing them is also doable. Again, the lender will lay out the process. I helped a family member go thru the exact same thing with a boat. Added my uncle, and removed my two cousins. The lender helped facilitate everything. Pretty easy looking back at it.
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Old 10-19-2021, 07:53 PM   #7
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Originally Posted by twogypsies View Post
That's a question to ask your financial institution; not a RV forum.
Just trying to see if someone has been through this and educate myself before contacting the bank or the DMV.
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Old 10-19-2021, 07:54 PM   #8
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Originally Posted by Hpozzuoli View Post
Unfortunately i don’t have first hand experience with vehicle loans, but I know for a fact you can be added to the loan and title. You would need to contact the lender and find out their requirements to do this.

Conversely, removing them is also doable. Again, the lender will lay out the process. I helped a family member go thru the exact same thing with a boat. Added my uncle, and removed my two cousins. The lender helped facilitate everything. Pretty easy looking back at it.
Thanks for the info Hpozzuoli
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Old 10-20-2021, 01:16 AM   #9
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Originally Posted by F29DCB View Post
Thanks Ldubs

I actually don't want to take them off the title. just want to add myself.
That way we all have ownership of it long term even though I'm making the payments on it.

And yes, I would get a new insurance policy to replace the one they currently have.
Aw, that makes a lot of sense. When it comes to changing the title, the main thing is to avoid DMV asking for sales tax. As I said above they allow intra-family transfers. In one case I transferred the title to the car to my father-in-law without any tax due.
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Old 10-20-2021, 06:31 AM   #10
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Quote:
Originally Posted by F29DCB View Post
Have a few questions for some seasoned RV finance people.



My sister & brother in law purchased a used diesel pusher back in 2015.

I agreed to share 1/2 the payments and expenses with them to use it also.

Now they no longer want to use it and I have been paying 100% of the payment and expenses for the past two years.



I would like to get my name added on the the loan and the title so that I can also take over the insurance.



Questions:

Can a family member be added to an existing loan and title without having to repay purchase taxes? FYI this is in California.



Or would we have to refinance the loan to have me added?

would purchase taxes apply?


I say it will have to be refinanced in your name.
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Old 10-20-2021, 06:54 AM   #11
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In Texas you cannot insure a vehicle you don't own. If there's a lien on it (payments) you can't do anything with the title until the lien is paid off. You can't just add yourself to a loan. The existing debt will have to be paid and a new loan will have to be setup, as in a refinance. You will have to talk to the bank that holds the loan to find out what their terms would be in this situation for sure.
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Old 10-20-2021, 07:33 AM   #12
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Quote:
Originally Posted by F29DCB View Post
Questions:
Can a family member be added to an existing loan and title without having to repay purchase taxes? FYI this is in California.

Or would we have to refinance the loan to have me added?
would purchase taxes apply?
The terms of a loan are fixed at signing and normally it is not possible to modify the original document in any manner which actually is a good thing as the bank also can't change the terms but you'll need to call the holder of the loan to verify. Probably you'll need to pay it off.

Insurance might work but normally all parties need to be in the same house hold but not necessary related. I had the X-GF on my daily driver insurance (USAA) and she was listed as a authorized driver for the coach (Progressive) but she wasn't on the title of any of my vehicles and I wasn't on hers even though we were cohabitating. I even had her daughter on my insurance for a couple of months.

Regarding the title not sure if the bank lien will be a problem with ownership additions. I suspect each state will be different so you'll need someone from CA to post. Worst case CA-DMV would consider this a title transfer and charge you sales tax in addition to the administrative fees.
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Old 10-20-2021, 08:13 AM   #13
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Family or not, making payments for something not in your name is a VERY bad idea.

See if you can get everything in your name if you are the one paying. Suppose the family member passes away. You have no claim to the vehicle. Suppose the person on the title gets sued for something and that asset is in court along with everything they own? To many chances for things to go wrong.

The taxes would be my smallest concern with this situation.

Good luck to you.
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Old 10-20-2021, 08:15 AM   #14
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Family or not, making payments for something not in your name is a VERY bad idea


100000X agreed. One bad Christmas dinner or a quick he said she said deal and you'll have a mess fast.
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