Almost 2 yrs ago when our credit was in the gutter, we needed a new car so DH's parents took out a loan for us in their name. DH and father have the same name and DH's mother and I have similar first name, same initial. We registered the car in our names and pay on the loan. DH's father is now complaining the loan is too heavy on his reports and wants it off. Not sure what the payoff amount is at this point....say it's $8000 (and I will go find out) Since the loan at the bank is with thier SS#'s and I don't know how to buy out the loan to get it in our SS#'s (the names are the same) does anyone have any suggestions on how we could buy out this loan and transfer it to our name/files? Thanks Oh, forgot to add, it is at about 12% and I would love to refinance as our scores are way better now.
CA and CO allow "FAMILY" to "INTER-FAMILY" transfer a car...AS LONG AS NO MONEY CHANGES HANDS..."GIFT" That takes care of the DMV part...you would have to be added to the loan...THEN RE-FI IT...with-out the other PARTY (NOT AN EXPERT ON RE-FI CAR LOANS) "TECHNICALLY" you can't drive a car (INSURANCE WISE) that you DO NOT OWN...except rental cars or leases...(I'm not talking UP-SIDE-DOWN CAR LOANS)
Hmmm....we are in NY, they are in PA Insurance is in our name, registration is in our name How does one go about adding themselves to a loan like that?
Uh, thanks I guess what I meant was, how do you add yourself as a joint owner of the debt (after the fact) so that you can then re-fi in your name only. Not sure how secured/installment loans work (are they like CC's where you have joint and AU's?) I really never heard of adding someone to a loan before so I have no idea what to say as to why we would want to do this (to the bank). Thanks George. p.s. I am not getting email notifications of posts, am I the only one??
I am not sure you can just be added to the loan. I think you will have to get a new loan in your name. It is not like credit cards that allow authorized users. The company that financed the car may allow them to transfer the loan to your names but you will need to call them and find out. But, with a loan with a 12% interest rate, I would be looking on my own for better financing rates. You will need also to get the payoff so you can call around. Michelle
So do you think any bank or CU would go for this if I explained the deal...would they give me a new loan to pay off an old one. It would kind of be like buying a car from them (sort of ;o) Mabye I will try my CU tomorrow and see what they say.
Re: Re: How could we do this: Xfer a loan? Might be able to get a PERSONAL LOAN for the TOTAL PAY-OFF The BANK/CU could pay it OFF for you... Then you just pay the BANK/CU for like 24 or 36 months or what ever time you sign up for...
Re: Re: How could we do this: Xfer a loan? TECHNICALLY" you can't drive a car (INSURANCE WISE) that you DO NOT OWN GEORGE ================= Sure you can -what ever do you mean? THE END ** *** ** LB 59
Re: Re: How could we do this: Xfer a loan? I don't know any reason, except for credit worthiness, why you couldn't get a loan for a used car. It would be just like getting a loan for a car from an individual or bringing your own financing to a used car dealership. Your institution would pay off the original lender and title will be issued over to them until it is paid in full. You would have to pay taxes, title, etc. Whoever you choose to use should be able to help with the process. Good Luck, Michelle
