I had bought a new hyundai in 2004, but had to get my father as a co-signer. Now my dad needs a car and wants to take the one I have and I can get another car, but wants me to be out of his credit. My credit is bad. Is it possible to have my dad co-sign for a car for me and then have him transfer the account to me within a week/month/etc.
I've gone to lending tree but they all require me to trade in my hyundai to get a car without a co signer. I can't.
Is it possible for my dad to transfer the car i buy to my name in around a month so that I am off his credit ???
2007-11-16 09:48:46 · 11 answers · asked by Jessica V 1 in Cars & Transportation ➔ Buying & Selling
NO
2007-11-16 09:53:20 · answer #1 · answered by matt k 2 · 1⤊ 0⤋
NO. If your Dad co-signed for you back in 04 then his easiest way is to get a car for himself and leave you with the Hyundai. If he only co-signed your loan then he can finance another vehicle, either new or used. If the dealer wrote the contract with his name as primary ( first ) then you are the co-buyer and that's way different. The only way to really do this is for him to finance a 2nd vehicle for himself, if you can't get a loan on your own. Have you tried getting a new loan for a different car without a co-signer?
2007-11-16 10:06:23 · answer #2 · answered by cardude 1 · 1⤊ 0⤋
My experience with, financial agencies won't let your dad just remove his name.
If the original contract is set up with his name as a co-signer, he will be responsible until that specific loan is paid off.
Now the loan can be paid off with another loan that you take out on your own name, but the terms of the original loan can not be changed unless both parties agree. This includes the removal of a co-signer.
2007-11-16 09:54:10 · answer #3 · answered by hsueh010 7 · 1⤊ 0⤋
Nope. Sorry - it doesn't work that way. He can't "transfer" the account. You would need to be in a position to qualify for financing on your own and refinance the deal. This would pay off the loan your dad is a co-signer on, and give you a new loan in your name.
2007-11-17 02:12:33 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Unfortunately no, you would have to refinance the loan. Assuming you are very young, it is difficult to get credit without collateral. Are you under 18? That constitutes the biggest risk for credit issuers - in that an individual under age 18 cannot be held legally responsible to uphold a contract. Would your father be willing/able to pay the car off and allow you to make payments directly to him? Is there another family member that would be willing to do so?
2007-11-16 09:55:59 · answer #5 · answered by LoFlo 4 · 1⤊ 0⤋
you should go to the car lot that has the car that you want and talk to the finance officer or the office mgr. and get a better answer than you are requesting here on the net --- cause the rules are different from state to state ........ most likely if your dad CO-signed he can get another car if the two of you go together and explain the entire complete problem to the auto seller and why youall need another car .... I bet that you can get another car if you are honest and show good faith and the ability to pay for the cars ....... happy motoring .....
2007-11-16 10:00:41 · answer #6 · answered by XTX 7 · 1⤊ 0⤋
If it was that easy to get out of being responsible for a loan, things would be a mess.
You would basically have to establish a new loan, and use it to pay off the old one (effectively refinancing it).
He can take "ownership" of the car easily enough. If he wants you off his credit, then he could refinance in his name only. I suspect that's not what he wants, I suspect he wants YOU to have ownership of it. The only way to do it is to pay off the loan or someway refinance it.
2007-11-16 09:58:58 · answer #7 · answered by T J 6 · 1⤊ 0⤋
If you;ve both been on the note since 2004 and it's been paid well, you should have no problem refinancing. Go to a credit union and refinance the amount do and your father will be clear of the debt. http://www.creditunion.coop/cu_locator/index.html
2007-11-16 10:34:36 · answer #8 · answered by jay 7 · 1⤊ 0⤋
If the vehicle is on your call, he can't take it. additionally, if the vehicle is on your call, you ought to have the call, and ought to have recieved a letter from the finance corporation asserting the word exchange into paid in finished. That clears the call of any leins. The finance companyies are under a privateness regulation so as that they don't have given the call to all of us yet you. even in the experience that your father paid the word off, they don't have allowed that with out your permission. I dont understand what state you reside in, yet you ought to consult with the finance corporation, and in case you dont get a passable answer from them related to the call then call the lawyer everyday on your state.
2016-10-17 00:17:59 · answer #9 · answered by ? 4 · 0⤊ 0⤋
No
2007-11-16 10:35:46 · answer #10 · answered by askmeiambored 2 · 1⤊ 0⤋