The answer is No. Dad would first have to go along with it. Your credit would have to be good. Transferring your name also may need Dad.
Do you have POA? If there is a chance of Medicaid being involved, whole different scenario.
Lets say Dad paid 20k for the car. Its now worth 15k, you need to finance 10k. The difference between what is owed and the Blue book value would need to be put in a bank acct for Dad if Medicaid may get involved someday. So, ur buy the car for 15k.
Is there a chance that dad may still drive the car? 97 is correct you would have to purchase dad's car from him. Check with the loan company on assuming the loan, my guess is that the lender will require you to get your own loan. Then there is the issue of transferring the ownership and registering and insuring the car.
And that is looking for problems with siblings and other family members.
Your assuming your dad’s note has several issues. The equity your dad owns in the car would have to be determined and documented to avoid gifting penalties. Dad would have to receive that amount to not be penalized. That money would need to be spent on his care. You need to figure out how to do that in a way that satisfies Medicaid look back if dad’s intention is to go on Medicaid to pay for the ALF. You don’t mention your state but not all states offer Medicaid to help pay for ALF. So there is that to consider.
Additionally, Medicaid allows your dad to keep a car. It’s exempt from look back. Of course they won’t allow him to keep enough of his assets to pay notes, insurance or upkeep so if he kept the car in his name to avoid the look back penalty, someone would have to pay all those expenses as dad wouldn’t be able to. So, as an example, if dad owes $10K on a car with book value of $15K, you would have to pay him $5K and take over the note. Then the $5 would need to be spent on your dad for ALF fees or dentist or eyeglasses etc.
Do you have POA? If there is a chance of Medicaid being involved, whole different scenario.
Lets say Dad paid 20k for the car. Its now worth 15k, you need to finance 10k. The difference between what is owed and the Blue book value would need to be put in a bank acct for Dad if Medicaid may get involved someday. So, ur buy the car for 15k.
And that is looking for problems with siblings and other family members.
You don’t mention your state but not all states offer Medicaid to help pay for ALF. So there is that to consider.
Additionally, Medicaid allows your dad to keep a car. It’s exempt from look back. Of course they won’t allow him to keep enough of his assets to pay notes, insurance or upkeep so if he kept the car in his name to avoid the look back penalty, someone would have to pay all those expenses as dad wouldn’t be able to.
So, as an example, if dad owes $10K on a car with book value of $15K, you would have to pay him $5K and take over the note. Then the $5 would need to be spent on your dad for ALF fees or dentist or eyeglasses etc.