Can I have the main buyer of a vehicle that I’ve been making all of the payments on removed from the loan?
David D asked:
I’ve also been performing all of the routine maintenance for the vehicle.
I’ve also been performing all of the routine maintenance for the vehicle.
I want to know if I can have the primary buyer removed and myself placed as the sole buyer, without having to refinance, since I have less than a 700 credit score. The car is titled to both myself and the primary buyer, and this person wants to purchase a new vehicle. They need to be released some how from the current loan.
Any help with this is appreciated.
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Tags: Credit Score, Refinance, Routine Maintenance
February 21st, 2009 at 7:42 am
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I would contact the lender. When I bought my first car, my grandfather cosigned. After a few years, I contacted the lender and requested a “transfer of equity” form. I sent it back to them and saw his name was removed on my next bill.
February 21st, 2009 at 10:25 pm
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There are some message boards that deal with legal matters you could try posting on.
To answer your question in a nut shell, no. You will have to talk with the loan officer to see any options you have. In most cases, the primary buyer will have to remove themselves from the loan and then the loan refinanced in your name. The car will have to be in your name as well with the other person as secondary. You would have to meet the banks requirements to do this.
Paying on the loan and working on the car give you no legal rights to the loan. If you can show proof you were making the payments and upkeep, maybe the loan officer can take that into consideration when they redo the loan. They don’t have to but it could help in getting it refinanced if you are on the line between a yes or no.
February 22nd, 2009 at 12:49 pm
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Usually, the only way to get one of the borrowers names off a loan is to pay it off. A loan is contract between a lender and a specific person or persons, and that can’t change while the loan is in repayment.