i bought a car like month ago through dealership, but now i don't like it as much as i did. and my friend wants it. actually he is like a second buyer on that car - i made it to help him with his credit. but he's from different state. question is how can i re-register the car that is financed on somebody whose from bordering state? he is on that car as a second buyer,but i don't wanna be owner of that car anymore, he must become the only owner of it. what to do?
2006-08-31 17:10:13 · 5 answers · asked by robin from sherwood 2 in Cars & Transportation ➔ Insurance & Registration
It will have to be refinanced naming him as the lien holder and you as the co-signer. I run across this all of the time. Even though you are on the loan they sill consider you the second party.
It will only take about a week depending on the Finance company, then you will have to wait for the paperwork (Temp tag) from the state.
That's it! It is that simple.
2006-08-31 17:24:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You cant change the registered's name unless the car is paid off 1st or it is refinanced through another financial instituiton with his name only. The reason is because you and your friend do not own the car yet, the bank still has the title. You made a contract with the bank to pay for a number of years. Next time, do not purchase a car unless you expect to keep it for a long time or pay it off fast so you can get another one.
2006-09-01 07:09:41 · answer #2 · answered by maurcal 2 · 0⤊ 0⤋
Let your friend refinance the car and if the title is registered as either you OR them you can also sign the title over to them w/o paying taxes, as they already jointly own it.
Keep your friendship intact, do not sign off until they have secured a loan in their name. If you transfer off the title but not the note you are still responsible if they fail to pay the notes but can not go get the car because you own no part of it. It is not a good idea to co-sign for anyone, it ruins great friendships and your credit rating. Get out at the earliest opportunity.
2006-08-31 18:50:51 · answer #3 · answered by hithere2ya 5 · 0⤊ 0⤋
So, let me get this straight - you bought the car jointly with this friend, so both you and he are the registered owners? And both of your names are on the loan?
If that's the case, you should be able to re-register the vehicle in his name only easily enough - he needs to check with his state's Motor Vehicle department regarding what forms need to be done. The bank shouldn't care where the person paying the loan lives, as long as he's paying the loan. To get your name off the loan, though, you may find the bank wants him to get another loan and pay off this one. Check with the bank and see what has to be done on that front, as well.
2006-08-31 17:18:06 · answer #4 · answered by Zyrilia 4 · 0⤊ 0⤋
You can't. You have to pay off the current loan first.
He needs to get a loan in his own name and use the proceeds to pay off your loan.
Auto loans are NOT assumable.
2006-08-31 17:17:26 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋