my cousin has agreed that she would take over payments on my car, but she has very bad credit due to medicle bills so she doesnt want to have it refinanced because of the interest. i told her that if we cant get the car insured in her name then i cant do it because if she wrecks ill be the one who's screwed. is there any way we can switch everything over to her without having to get it refinanced? any possible ways to go about this at all without changing the interest rate?
2007-10-19 03:57:01 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
First of all - are you sure you want to do that? If you leave the car loan in your name, then you're still on the hook for the bills if she misses payments. Considering your cousin's track record with credit, that's a pretty risky proposition for you. Remember - your credit is the one that will take a ding if she misses a payment. And as far as the loan company would be concerned, you'd owe the money.
Think long and hard before you do this.
You may be able to add your cousin's name to your loan. However, I can't imagine that you'll be able to remove your name from the loan entirely - not without her going through the refinancing process.
2007-10-19 04:03:16 · answer #1 · answered by sarah314 6 · 1⤊ 0⤋
If your cousin has bad credit history, i would NOT leave the car under my name and just let her change the insurance. Refinancing is not a good idea either, but it seems like you don't have a lot of choices here.
2007-10-19 05:00:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Im actually going thru the takeover payment situation now and really think about what your about to do.. This person may pay on it for about 6 months and then your stuck having to cover notes because they fail to pay but its still your responsibility since your on the registration/loan.
One thing I would suggest you do is charge her a fee to take over the payments, just in case there are months that she cant pay, it wont hurt your pockets to bad. Another thing I would suggest is signing a contract in writing stating what terms you and her can expect, if she renigs on it, take her to court because if you call the police, they will say its a civil matter not a police matter. Im going thru this right now.
In all seriousness if you can avoid a takeover, please do it. The only person that should be messing up your credit, is you and you alone..
2007-10-19 12:44:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you can't afford the payments, sell the car and get the loan out of your name completely. Any situation with your name still on the debt means you are responsible for paying.
2007-10-19 04:06:45 · answer #4 · answered by curtisports2 7 · 1⤊ 0⤋
you'll never get a car refinanced - it's probably worth less than the loan balance due to depreciation - you're basically stuck with it or you can sell it, but you'll probably get less than the loan balance and would have to pay the difference
2007-10-19 04:25:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The lien holder has to conform to this. you could not pass (legally) the automobile to her call with out their permission. you will nonetheless be to blame for something that occurs no be counted if this is not finished wisely. If her money concern is so undesirable, she would be able to possibly not have the skill to have the money for the automobile anyhow. relatives is often the 1st ones to stiff you in money concerns.
2016-11-08 22:22:07 · answer #6 · answered by clapper 4 · 0⤊ 0⤋