2007-07-08 11:18:10 · 8 answers · asked by coffee 1 in Cars & Transportation ➔ Buying & Selling
You're a real sweetheart, aren't you?
2007-07-08 11:26:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, you would be required to make the payments for the loan. Her release of interest would be required for you to refinance the loan, in your name only. You would be as much the legal owner of the car as she is, so if deny her access to the car, that would be a family situation, not a legal one. She would have rights to have access to the car, as a registered owner, also. Full coverage insurance will also be required, anytime there is a legal owner/lien holder. Depending on how the policy is written, and who is listed as primary driver, and part time driver, your rates can be quite high if your step daughter is a teen or younger than 25.
2007-07-08 23:07:33 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
if you only co sign and are not on the title, she would have to be willing to relinquish it to you, and if you refinanced you would technically be buying it from the loan company. Remember that the car will depreciate quickly and may not be worth anywhere near the outstanding loan balance.
You cannot simply take the car if you are not on the title, you will not legally own it but you will be financially responsible for paying for it and have your credit dinged if payments are not made. Keep in mind if you cosign it will appear as a debt on your credit report as well.
If your name is on the title you will also share financial responsibility/liability as part owner of the vehicle in the event she has an accident. I would not put my name on the title but have a separate legally binding agreement with her on what the course of action must be in the event she cannot pay for any reason. You also would need to check with the finance company beforehand to be sure that what you agree to is permitted under the terms of the loan. It does get a bit complicated.
2007-07-08 18:27:54 · answer #3 · answered by ADB 4 · 0⤊ 0⤋
No need to refinance. The loan is in your name too. Make the payments and keep the car. Tell the step daughter until she pays you in full for all the missed payments, the car is yours.
2007-07-08 18:25:56 · answer #4 · answered by mccoyblues 7 · 0⤊ 0⤋
You have three options assuming the title is your name or her name, and not your name AND her name. 1. You can catch up the payments and continue with the current loan, and jus as someone else said, take the vehicle and keys away from her until she pays you back. 2. Refinance in just your name. 3. Sell it. It all depends on how much damage control you want to put on her as to what you should do.
2007-07-08 20:58:02 · answer #5 · answered by Oblivious 3 · 0⤊ 0⤋
if she falls behind you will be REQUIRED to make the payments or have it hit YOUR credit. But you can always tell her the car is yours if you are paying for it...
2007-07-08 18:21:53 · answer #6 · answered by jonboy2five 4 · 0⤊ 0⤋
Don't cosign a car for anyone. If they don't have the money to pay for the vehicle they don't need a vehicle. They have to feet they can walk.
2007-07-08 19:47:53 · answer #7 · answered by Bill S 6 · 0⤊ 0⤋
yes you can ,if she fails to make the payments on it,there's a lot of people that have done it before,good luck with it.
2007-07-08 18:22:07 · answer #8 · answered by dodge man 7 · 0⤊ 1⤋