My mom helped me get a car... She was the primary name on the loan and title and I was the co-signer. My Mom and I are still doing good no problems, but she wants to help my sister get a car too and wants to take her name off the loan and I want it off the title. Is there anyway for us to get her name off the loan and just have me on there and also the title? Thanks in Advance.
2007-07-01 10:31:42 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
I want my car and I can afford it lol... Both our names are on the loan so would i have to get her to "sell" it to me to get her name off?
2007-07-01 10:41:25 · update #1
Auto finance is what I do for a living and if you have a good pay history and can qualify for the loan yourself, contact your lender and ask them to remove your Mom's name.
Most of the time if a co-buyer is required the lender will not remove them, so if their answer is no then you will have to refinance the car in your name only. Your best bet would be your own local bank or credit union.
2007-07-02 04:10:41 · answer #1 · answered by ? 7 · 0⤊ 0⤋
many companies will remove someone from the loan if the person left on the loan qualifies for the loan alone.
That person must have the credit, collateral, and cash flow to support the loan by themself. There are other factors but this is the general rule.
2007-07-01 10:50:49 · answer #2 · answered by jaromi89 2 · 0⤊ 0⤋
hmm this is a tough one.
your options.
1. Call the company and ask them if its possible.
usually the answer will be no, but in some cases if you could now qualify for the loan yourself, then they will allow you to take her name off.
2. ask them if you could take out a new loan and close out the old loan.
3. have your mom sell you the car.
2007-07-01 10:37:28 · answer #3 · answered by kngrnr 1 · 1⤊ 0⤋
You could get an unsecured loan from
a social loan club, then pay off the car loan.
Maybe, just a thought.
lendborrowclub.com
Robert
2007-07-01 10:40:40 · answer #4 · answered by 1090 4 · 1⤊ 1⤋
Talk to the lender - they might go along with it if you have a good credit rating yourself.
2007-07-01 11:05:04 · answer #5 · answered by Judy 7 · 0⤊ 0⤋