He is 2 months late on the loan It has no insurance. It has no current tag. How do I get his name off the title
2006-10-09 02:04:15 · 10 answers · asked by cocoon1937 1 in Cars & Transportation ➔ Buying & Selling
YOU COSIGNED WITH HIM, THEREFORE YOU ARE BOTH COBUYERS. INORDER TO CHANGE THE TITLE, YOU MUST DO TWO THINGS, FIRST, YOU MUST PAYOFF THE EXISTING LOAN, THEN HAVE HIM SIGN A BILL OF SALE FOR HIS HALF OF THE VEHICLE, OVER TO YOU.THE TITLE WILL BE AMENDED TO JUST YOUR NAME.
IF YOU ARE NOT ABLE TO PAYOFF THE LOAN. SPEAK TO YOUR BANK ABOUT ORIGNATING A NEW LOAN IN JUST YOUR NAME, PAYING OFF THE OLD LOAN AND MAKING YOU THE SOLE OWNER.. AGAING YOUR SON WILL HAVE TO SIGN OFF ON THIS, AS HE IS STILL CO-OWNER WITH YOU.
IT'S IMPORTANT TO CATCHUP THE LATE PAYMENTS, AS THIS IS EFFECTING "YOUR" CREDIT AND LOWERING YOUR CREDIT SCORE..ALSO AFTER TWO MONTHS OF MISSED PAYMENTS, THE VEHICLE IS IN REPO STATUS..CALL YOUR LENDER AND LET THEM KNOW WHAT YOU ARE TRYING TO DO..THEY WANT THE MONEY, NOT THE CAR, BUT THEY WON'T LET ANYONE PLAY GAMES WITH THEM..
2006-10-09 02:20:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
He co-signed your very own loan so so which you may purchase a vehicle. You left the motor vehicle with him and choose him to take you off the own loan (which continues to be your very own loan)? uncertain I understand your question. you may sign the motor vehicle over to him and it is generally out of your call yet you will nonetheless be on the own loan so as that doesn't be a competent concept. feels like he did you a prefer co-signing the own loan and now taking over the money because you're long gone. attempt to bear in mind that he does not have the suited to alter the words of the own loan. in basic terms the lender can do this. you may sell the motor vehicle, pay off the own loan and be released that way.
2016-10-16 00:07:35 · answer #2 · answered by lander 4 · 0⤊ 0⤋
This may be as simple as calling the creditor and asking that the co-signer be relieved of all responsibility for the account. If your request is denied, ask the creditor how long you must maintain a good payment record before being allowed to take over the account on your own...
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2006-10-09 02:11:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Since you co-signed with him, the car is in either both your names or just yours. Go to DMV and change it solely to your name,, it takes 15 in California and then it will be in your name, however you will also have to bring it up to current tags and that might be costly. And make sure it is not parked on the street. If the car is parked on the street it can be impounded as not being registered to be on the road and that gets expensive too.
2006-10-09 02:30:12 · answer #4 · answered by GUILLERMO U 2 · 0⤊ 0⤋
He will need to sign the car over to you and have his name taken off the title.
2006-10-09 02:10:24 · answer #5 · answered by Lioness 5 · 1⤊ 0⤋
it depends on your state but if you are both on the title then he has to sign off to get it transferred solely to you. also, if his name appears on the loan you would also have to get him to agree to be off the loan,but that can depend on the financial institution. good luck.
2006-10-09 02:11:45 · answer #6 · answered by MiaDiva28 6 · 0⤊ 0⤋
There is usually a transfer of ownership form on the back. You both have to sign it, transferring ownership to you. Take it to the DMV for reissuance.
2006-10-09 02:07:01 · answer #7 · answered by aint_no_stoppin_us 4 · 1⤊ 0⤋
you didn't say what state but he will have to sign the car title over to you.
2006-10-09 02:12:20 · answer #8 · answered by tman 5 · 1⤊ 0⤋
Need to check with your tag office on that one... the legal aspect of it.
2006-10-09 02:08:29 · answer #9 · answered by RiverRat 5 · 1⤊ 0⤋
Either he signs it over to you or you would have to take him to small claims court to have the judge order him to sign it over.
2006-10-09 03:39:48 · answer #10 · answered by K M 4 · 0⤊ 0⤋