How do you add co-owner to loan?

Question

I recently purchased a car for my wife. Our intentions were to get the car entirely in her name. Because she has no documented income they had to run the application with my name(husband) on it. Then they (car Dealership)just ran my name without asking me. She(wife) is making the payments,how can I get her on the loan? I want to improve her credit standing as well as mine. I feel this is overloading my debt ratio.

Any advice appreciated.

Eddie.

Answer 1

I've bought houses, cars, any number of things, with zero income, because I was a stay at home mom at the time. The loans were all in both my husbands and my name as joint borrowers.

My credit report always showed all the payments, as did his, even though all the payments were really coming out of a joint checking account and the only one that was depositing any money to that account was him.

You don't need to put the car entirely in her name. Put it in both names and also put the loan in both names.

Answer 2

Neither one of these people know what they are talking about. The dealership that sold you the vehicle should have had you permission to pull your credit. You must have signed a credit application or your wife forged you name to it. They also would have been required to obtain a copy of your drivers license for the bank to fund the loan.

This is what's called a straw purchase and is not legal. You do not have the power to add your wife to the loan unless you obtain your own financing. You can however add her name to the title on the vehicle.

I would suggest that you go to your own bank and talk to them most likely they will be able to help you and possibly lower your interest rate at the same time.

Answer 3

her name should be on loan papers as well as yours no matter if she has visual income or not ...she would be a co-borrower with you

Answer 4

you can't, the loan has already been made and you can not change it.