can you trade in a financed car under someone else's name

How Soon Can You Trade in a Financed Car This again depends on how much negative equity you are willing to add on to the debt of your new car purchase. Once you own it its yours to do with as you please.

Can I Trade In A Car That Isn T In My Name Auto Credit Express

Most dealers require any titled co-owners to come to the dealership to sign the vehicles title in front of a dealer representative.

. Trading In Someone Elses Car. You do not have to be on the loan. In order to buy a vehicle for another party youll have to put the loan entirely in your name cosign or co-borrow with the recipient.

This can only be done by selling the vehicle. If you are applying for finance on behalf of someone else and you do not intend to be the primary user of the vehicle you will be lying to the finance company and that is considered fraud. If you are financing a vehicle you need to have it registered in your name.

I want to get rid of it now that Im no longer upside down on the note. You can have someone else finance your car for you. Experts advise paying off more of your current loan before trading in for something new.

Perhaps the most confusing part of buying a car on someone elses behalf is the car loan process. While refinancing a car loan can remove a cosigner or co-borrower you cant refinance the car in someone elses name and remove your name from the title. If theres still a loan on the car the lender is listed as the lienholder on.

The title may be registered under both names. Trading in a car not in my name. You do not have to be on the loan.

It might seem unnecessarily complicated but if you try to take shortcuts you could. What you need to do is end the hire purchase contract earlyThere are a few ways you can do this but in all cases you should be careful as you can easily end up out of pocket. You will not save any tax.

Jan 20th 2010 646 pm. Answer 1 of 9. You can put the insurance in someone elses name but you would need to be listed on the policy.

This is illegal BUT it happens frequently. If the new vehicle will be registered under your name. Through this process the entire loan will be.

Since you cant sell what you dont own you need to either transfer it into your own name or have them come with you so they may sell it to the dealership. To do this the new owner needs to find a lender to work with get approved for a loan sign the loan documents receive a release of lien letter and have the title. If your name isnt on the cars title even if youre the primary driver youre not the owner and cant trade in the vehicle.

You can have someone else finance your car for you. Id like to trade it in at a dealership because I got pre-qualified for a decent interest rate. No - death is a default under the terms of most car financing agreements - so the balance is due anyway - and you need to keep the vehicle insured under most such financing arrangements - there are other reasons why it does not make sense to do so - without the banks blessing - one of them is insurance - if the owner is deceased I doubt that coverage under the.

If you purchase a car for someone else you have the option to have the loan in your name or to cosign with the individual youre buying it for. This can only be done by selling the vehicle. So basically Im driving maintaining and paying for a car that is in someone elses name and registered in a different state.

You would also need to list your finance company as an additional interest since they have a financial claim to the vehicle. You must be willing to have the finance company put a lean on your car. Yes you can trade in a car with a loan.

In such circumstances both persons involved the one unable to get finance and the one applying for it on their behalf would be committing fraud by attempting to deceive the finance. If the original car loan was paid in full as part of the trade-in and there was no money left over you may have a technical claim against the co-debtorseller BUT it may not be worth your time as a practical matter to file a suit. If your family member is willing to take over the repayments then that would be.

What some dealer will do is make it two separate transactions. You can trade in a vehicle that has your husbands name on it but he will have to sign the vehicles title to complete the trade process. You can also have that.

The person who is on the title must also register it in their name. While this option will present you with the least amount of penalties you need to examine it closely as it may not be the best deal for your new borrower. As far as your car in your dads name you can use it as a trade in if.

Please note if the general guidelines above for further details. Given the fact that you claim not to have high scores you are probably looking at an extreme interest rate anyway. You do not have to let the person who has the loan on the title.

But proceed with caution and make sure you not the dealer control the transaction. Its going to be difficult to find a lender that is going to be willing to roll a lot of negative equity into a new loan. There are two primary ways to refinance or transfer a car loan to another person.

Title being in their name means its legally theirs. For trade-in both old and new vehicle need to be under the same name. However the owner can trade in the car themselves or sell you the vehicle youve been driving.

You can also have that person insure the car for you. As such you cant pass a finance deal to someone else instead theyll need to apply for their own finance package and set up a new finance deal from scratch. You can actually sell a car that is under finance.

The person who is on the title must also register it in their name. They just let you drive it. Good luck and if you have any questions dont hesitate to ask.

You do not have to let the person who has the loan on the title. They buy the car from you wife just need a ownership signed by her 2. How to Refinance an Auto under Another Persons Name.

The person receiving the car will need to go to the dealership in person to cosign the loan and if youre. While refinancing a car loan can remove a cosigner or co-borrower you cant refinance the car in someone elses name and remove your name from the title. The only way to buy the vehicle as a surprise is to put in the loan in your own name.

You wish to trade in your parents car. I owe about the same amount as the car is worth. If youre trading in a car you still owe money on youre.

Modify the Loan with Your Existing Lender.

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