This is called a 'straw' purchase. It does happen in the industry, but the banks do not allow it.
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.
To get out of a used car loan, pay off the loan or find someone else who will do that.
No, it is generally not possible to refinance a car loan into someone else's name without the original borrower being removed from the loan.
Yes, it is possible to pay off someone else's car loan by providing the lender with the necessary funds to settle the remaining balance on the loan.
No, it is generally not possible to refinance a car loan in someone else's name without their consent and involvement in the process.
No, it is generally not possible to refinance a car loan in someone else's name without their consent and involvement in the process.
Not unless they qualify to take over the loan with the bank. The bank OWNS the car.
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.
When assuming a car loan from someone else, consider factors such as the interest rate on the loan, the remaining balance, the condition of the car, the terms of the loan agreement, and the financial stability of the person you are assuming the loan from. It is important to carefully review all details of the loan before making a decision.
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.
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.
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.