Wednesday, May 26, 2010

I cosigned a car loan for my son. I have the the vehicle.?

He is 2 months late on the loan It has no insurance. It has no current tag. How do I get his name off the title



I cosigned a car loan for my son. I have the the vehicle.?

YOU COSIGNED WITH HIM, THEREFORE YOU ARE BOTH COBUYERS. INORDER TO CHANGE THE TITLE, YOU MUST DO TWO THINGS, FIRST, YOU MUST PAYOFF THE EXISTING LOAN, THEN HAVE HIM SIGN A BILL OF SALE FOR HIS HALF OF THE VEHICLE, OVER TO YOU.THE TITLE WILL BE AMENDED TO JUST YOUR NAME.



IF YOU ARE NOT ABLE TO PAYOFF THE LOAN. SPEAK TO YOUR BANK ABOUT ORIGNATING A NEW LOAN IN JUST YOUR NAME, PAYING OFF THE OLD LOAN AND MAKING YOU THE SOLE OWNER.. AGAING YOUR SON WILL HAVE TO SIGN OFF ON THIS, AS HE IS STILL CO-OWNER WITH YOU.



IT'S IMPORTANT TO CATCHUP THE LATE PAYMENTS, AS THIS IS EFFECTING %26quot;YOUR%26quot; CREDIT AND LOWERING YOUR CREDIT SCORE..ALSO AFTER TWO MONTHS OF MISSED PAYMENTS, THE VEHICLE IS IN REPO STATUS..CALL YOUR LENDER AND LET THEM KNOW WHAT YOU ARE TRYING TO DO..THEY WANT THE MONEY, NOT THE CAR, BUT THEY WON'T LET ANYONE PLAY GAMES WITH THEM..



I cosigned a car loan for my son. I have the the vehicle.?

There is usually a transfer of ownership form on the back. You both have to sign it, transferring ownership to you. Take it to the DMV for reissuance.



I cosigned a car loan for my son. I have the the vehicle.?

Need to check with your tag office on that one... the legal aspect of it.



I cosigned a car loan for my son. I have the the vehicle.?

He will need to sign the car over to you and have his name taken off the title.



I cosigned a car loan for my son. I have the the vehicle.?

This may be as simple as calling the creditor and asking that the co-signer be relieved of all responsibility for the account. If your request is denied, ask the creditor how long you must maintain a good payment record before being allowed to take over the account on your own...



The National Foundation for Credit Counseling is a national non-profit network of more than 1,300 credit counseling organizations. A good way to find a reputable agency is to search the foundation's web site (www.nfcc.org) or call 800-388-2227 to reach its 24-hour automated office listings.



I cosigned a car loan for my son. I have the the vehicle.?

it depends on your state but if you are both on the title then he has to sign off to get it transferred solely to you. also, if his name appears on the loan you would also have to get him to agree to be off the loan,but that can depend on the financial institution. good luck.



I cosigned a car loan for my son. I have the the vehicle.?

you didn't say what state but he will have to sign the car title over to you.



I cosigned a car loan for my son. I have the the vehicle.?

Since you co-signed with him, the car is in either both your names or just yours. Go to DMV and change it solely to your name,, it takes 15 in California and then it will be in your name, however you will also have to bring it up to current tags and that might be costly. And make sure it is not parked on the street. If the car is parked on the street it can be impounded as not being registered to be on the road and that gets expensive too.



I cosigned a car loan for my son. I have the the vehicle.?

Either he signs it over to you or you would have to take him to small claims court to have the judge order him to sign it over.

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