I have a cosigner on my car... how do I put it in my name only??

Question

My aunt and I both signed on an 04 vehicle ($20,000). I only owe around $10,000 now, and I want it solely in my name. The problem is, I havent talked to my aunt since I bought the car (3 years ago), and I have no way of contacting her. Is there any way I can have the car put in my name without her signature? She also lives out of state. I believe on the title it says my name OR her name, and I was told that this makes a difference as opposed to if it says my name AND her name. Any help would be greatly appreciated.

Answer 1

Call the bank, sex, they will tell u what to do.

Answer 2

You have to understand the mentality of a Bank. The more security they have, the better they feel they get their money back. Especially on cars, the banks get many repos and I have talked with them and bought a very few. One, most will be ragged out. Also, the bank say they not in the Car Dealer Business and just try to get back what they can. So, If, they have your Aunt as a backup credit source, most likely they will want to keep her as a safe guard. She may own her home, true, they may not be able to take her home (The car is the collateral), but, it considered credit worthy to force the "Cards" so she take a loan to pay for the car. You can ask the Bank, but, I assume they will want to keep her on the loan. It, should still help your credit rating (May be just that Bank), so, maybe the next loan they give you more trust and you can Borrow only in your name.

Answer 3

When you have a cosigner, both of your names appear in the registration and the loan. Legally, you own the car and your aunt. If the loan (the banking institution) says, you can put your name without your aunt's signature, the bank has to review your credit to be able to put your loan in your name. Just ask the banking institution where you have the loan. On the DMV side, you must have the signature of your aunt, in order for car registration will have your name on it.

Answer 4

The only way you will be able to get your aunt off of the car loan is to refinance though another bank and payoff the first loan. Unless that loan is paid in full, your leinholder will not allow your aunt off of the car loan. If you were to sell or trade-in the car, you would be ok because you have an 'or' title, meaning the motor vehicle department only needs one of you to sign off on the title.

Answer 5

You will need to refinance the car to show the lender you can qualify for the vehicle yourself and your aunt will need to sign a power of attorney since you don't have the title yet. It can be sent via mail, however it needs to be notarized in most states. This protects both parties involved. If she didn't consent to the sale, then you couldn't sell it. The heading on most titles is Owners(s) name and address. I hope this helps.

Answer 6

In Texas, you would need to make a new Application for Certified Title, as if you were going to be the new owner. Which also means that you would have to be acceptable to the finance company as having Sole Responsibility for repayment. Because your credit history wasn't established well enough, or whatever, when you originally applied for the loan, you needed your aunt to say she would "step-up" in your place to make sure the note is repaid as agreed in contract. And that would involve all new financial documents for the loan agreement, signatures, etc.

Answer 7

If you get the permission of the lender, you can take her name off the title. If not, you can't. The "AND/OR" makes a difference when the time comes to sell or trade the car, with "AND" you would both need to sign, with "OR" either of you could. Frankly I doubt the lender will allow it, but you could always pay it off and then do whatever pleases you.

Answer 8

if the title says "or" you can probably get it into your name without your aunt, upon lender approval, of course