Wednesday, May 26, 2010

How to take name of car loan?

I have a 05 honda civic that i still own money on it. I still have 5 years left on it . Can i sell (or give it to her free) it to my sister and take my name of the loan. But how would i do that. I just want my name off the loan.



How to take name of car loan?

You cannot change the name on a loan. If you sell/give the car to your sister, you would either have to a) keep the loan under your name while you or your sister continues to make the payments, b) pay off the loan completely, or c) refinance the loan in her name (ie, she would get a new loan for the remaining amount and use the proceeds to pay off your loan).



Note that choice (a) is very risky if you allow your sister to take over the payments. This is because if she misses a payment or stops making payments altogether, it will be *your* credit that will be adversely affected.



How to take name of car loan?

the only way for you to get your name off the loan is to pay it off. she could try to get the loan in her name- i would advise you to call the loan company and find out but until that loan is paid-off in full your name will be on it.



How to take name of car loan?

it's like if you buy someone's house. you can't actually take over the loan. you have to get your own loan. she would have to be approved for said loan. you can't just take your name off of something if you are the guarantor that the debt is going to be paid.

No comments:

Post a Comment

 

High Risk Credit+ Cosigner Copyright 2008 All Rights Reserved Baby Blog Designed by Ipiet | Web Hosting