I have questions on the SCRA, my father has a loan on a truck which is under his name. He doesn’t want the truck anymore so how would I go about transferring the truck under my name and utilizing the SCRA for the auto loan and the auto insurance?
The Servicemembers Civil Relief Act (SCRA)
byu/Green_Double1957 inMilitaryFinance
Posted by Green_Double1957
2 Comments
First, to transfer the loan, the loan has to be an “assumable loan”…which the lender the loan is through might not even offer.
If it’s not an assumable loan, you can’t transfer it period. You could get your own loan and have your father sell you the truck…but that wouldn’t be subject to SCRA because you would’ve gotten the loan while on active duty.
That said, if it *is* an assumable loan, I have no idea how SCRA would treat it. Because the loan isn’t being put in your name until you assume it, which is happening while on active duty so it might not count for SCRA. This is one of those things where it’s hard to find info on because it’s such a specific thing…so legal would be your best bet – but don’t bother asking until you find out if the lender even allows this.
Are you currently on active duty? Were you on active duty when he got the truck? Will you be using the truck?