The other person would need to apply for a new loan to pay off your existing loan. You cannot simply switch the names on your loan. But check with your lender for details.
You just simply cannot switch the names on your loan.
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Related Questions
Can you sell a car that has a loan attached?
Yes, you can sell a car with a loan attached. You must pay off the loan with the money you receive in order to have a clear title or you must get someone to take over your loan.
How do you sell your car and have someone take over payments?
For someone to take over the payments they must essentially get a new loan for the payoff amount in their name. This new loan will pay off your loan and will make thir payoff amount higher than yours.
Can a cosigner take over the total loan on a car?
Yes. You need to discuss this with the lender.
How can i sell a car to someone and have them take over my current payments?
they h ave to get a loan to pay off your loan and free up the title and then it will be in their name.
Can you transfer ownership of a car to someone else if it still has a lienhold on it?
Not unless they qualify to take over the loan with the bank. The bank OWNS the car.
Can a family member take your car if you signed over the title to them for a personal loan?
Yes, if you did not pay back the loan. That is what "signing over" the car is all about.
How do you take over payments on a car loan?
Contact the bank or finance company that holds the note on this car. They can transfer the loan to you if you qualify.
If you can't make the payments on your 2004 SUV what can you do?
Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.
How do you have a person completely take over a car loan payment?
sign the title over to the person buying the car
Can you sue for a car loan that you got for someone esle?
You can take them to small claims.
Can someone take over car payments in a vehicle sale?
Yes, but typically the loan "originator" remains responsible unless the actual loan is transfered to the new purchaser. Letting someone "take over payments" on your loan is a very bad idea. If there should be an accident, the title is still in the sellers name and they remain ultimately responsible. I have had parents pay cash for a car for their kids and place themselves as the lienholder. Legally they can't be sued if there is an accident and the kids can't sell the car without the parents signing over the title.
One of my friends is subjected to deportation for a feloney offense and he is loaning a car for the worth of the car and he may not be able to pay the loan if deported but what happens to car loan?
In this case, the loan would still go into default unless your friend sells the car before his pending deportation or makes arrangements to transfer the loan to someone else willing to take over the payments.
What to do when someone dies and there is no estate and there is a car payment?
You could take over the car and the payment or sell the car and then pay the loan. I recently found out that the family doesn't have to pay the bills of person who died. This is an option, but the credit card companies don't want you to know this. It is the same with the car loan.
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
Can you change the name on your car loan so that my daughter can take it over?
It is possible for your daughter to assume responsibility for your car loan, but only with the agreement of the bank that issued the loan; you can discuss this with the bank.
If you moved to another country but still have a car loan can you refinance that loan in someone else's name?
The "someone else" needs to apply for a loan to pay off your car loan. With your loan paid off, you can sign the title over showing it free & clear. Don't sign off on the title until you know the loan is paid--or you could find that you no longer own the car but still have a loan to pay.
Is it possible for someone to finance a car in their name then once approved sign the bank loan over to you?
NO!
How do you put your car loan in someone else's name?
You just can't place your loan in someone else's name. That other person has to get his/her own loan for the car and pay off your loan.
Can you take out a car loan and add someone to registration For example you do not have the best credit so your fiance gets a car loan Can he then add your name to the registration?
Yes, in most states.
Can a bank use my vehicle as collateral for someone else's loan?
The bank MAY be pursuaded to consider it if the car has enough value. However, you should be asking yourself why you would place your car at risk for someone who cannot otherwise obtain a loan. Can you afford the risk of losing your car. You would need to sign your car over to the bank. If the borrower defaulted the bank would take your car.
Can I have someone take over payments of my car?
You can have someone take over the payments if they meet the credit requirements of the bank you have the financing with. You might also be able to get someone that wants your car to get their own financing to pay off your car.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
A car is in your name but someone else has the car and was making pymts but since she stopped paying can you take the car back?
IF her name is NOT on the TITLE or loan, it is YOUR car and you can take possession of your car. Be SURE she doesnt have a contract with you.
Who is responsible for a deceased mother's car loan if the loan company is holding the title as collateral?
Nobody is responsible for the loan if there was on cosigner. If the car was inherited by someone, then that person has a right to pay the debt owed and take possession of the title.
Can you take over a car payment without going through the bank?
You must have approval from the lender in order to take over the payments on a loan.
