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.
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.
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.
ONLY by paying the loan off or refinancing with someone elses good credit. NEVER CO-SIGN UNLESS YOU CAN AFFORD TO GIVE THE MONEY TO THE DEBTOR.
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
To get out of a used car loan, pay off the loan or find someone else who will do that.
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.
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.
ONLY by paying the loan off or refinancing with someone elses good credit. NEVER CO-SIGN UNLESS YOU CAN AFFORD TO GIVE THE MONEY TO THE DEBTOR.
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
I assume you mean how do you get your name off the car LOAN! The only ways to do that would be to either pay off the loan or have your mom refinance it under just her name (or get someone else to cosign THAT loan)
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.
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
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.
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
If the loan is not paid off at the time of the death, the vehicle belongs to the lienholder until the vehicle is paid off.
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.