ANSWERS: 1
  • First, is the finance company aware of this situation? you may be in violation of your lending contract, especially if the truck is now home-based in another state. this could be a violation of that contract and the finance company could repo the truck. second, if your lender is agreeable to this arrangement, the title of the truck should be transferred into his name. remember, if he has an at-fault auto accident, you will be liable, since the truck is still titled to you and not your brother-in-law. anyone can acquire auto insurance. it will cover you, no matter what vehicle you drive. but, in this situation, i am almost positive your lender's agreement, requires the titled owner to keep auto coverage throughout the life of the loan. to be absolutely safe and covered adequately, i would keep the insurance on the truck as long as your husband's name is on the title. the brother-in-law should also have insurance coverage on said truck. it's a matter of liability.

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