This is topic Need advice : How To Get A Car Loan Off My Name in forum General Talk at Northern California Ford Owners  .


To visit this topic, use this URL:
https://californiafords.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=1;t=035255
Posted by AL STOCK (Member # 1852) on :
 
Sup guys,

Basically, i bought a brand new car for my sister under my credit (worst mistake ever), so now im in the process of purchasing a house, and little did i know, she had missed a car payment recently which was stamped in my credit.

Now im getting a bit fed up with this shit, this is not the first time, she had missed payments before under my name.

The car was originally $18K, she still owe's $6000.

Her credit is not so great but i need this car out of my name ASAP, anyone know whats the best idea?

Im calling the motor company tomorrow and see what they can do..

She said she had made her payments but i'm not falling for this shit anymore.
 
Posted by venomous99 (Member # 1917) on :
 
you're pretty much stuck unless you find someone else who can pay off your existing loan either with cash or with their own financing. can someone co-sign for a new loan for your sister if she cant get approved? if her credit is not totally shot she'll get raped on interest but at least you'll have the debt off your record and you'll have a better income to debt ratio when u apply for a home loan.
 
Posted by fasthatch (Member # 7277) on :
 
repo the car from here an drive it make the payments self or make her pay it off are the only was to get the loan out your name .just some advise if you do loan family or friends money if you want it back
 
Posted by NiftyWhiteFifty (Member # 4320) on :
 
sell the car, pay off the loan and give her whatever is left over to buy another car [patriot]
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by venomous99:
you're pretty much stuck unless you find someone else who can pay off your existing loan either with cash or with their own financing. can someone co-sign for a new loan for your sister if she cant get approved? if her credit is not totally shot she'll get raped on interest but at least you'll have the debt off your record and you'll have a better income to debt ratio when u apply for a home loan.
I doubt she is going to pay this thing off in full anytime soon, i would pay it off for her but from the looks of the missed payments, i dont think i will be seeing anything in return from her.

Im not putting anything for anyone under my credit.. Shit will bite you in the ass [Mad]

I doubt Bank will even consider putting this loan on her name (she had some credit card issues in her past)...

But im going to push to get this on her name or her up-2-no-good husband name and let them deal with this mess.

My credit has been near damm perfect until i heard "hey did you miss a car payment recently?, it shows that you were 30-days late"..

i know i can most likely get this removed off my credit by speaking with the motor company but i dont feel like dealing with this hassel every 6 months.

Thanks Guys
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by NiftyWhiteFifty:
sell the car, pay off the loan and give her whatever is left over to buy another car [patriot]
Thats a good idea too, hmmmmmmm, i'll look into this tomorrow.
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by AL STOCK:
quote:
Originally posted by NiftyWhiteFifty:
sell the car, pay off the loan and give her whatever is left over to buy another car [patriot]
Thats a good idea too, hmmmmmmm, i'll look into this tomorrow.
Best idea. If the car was 18k, I am gonna assume it is at least a 05 something. So car may be worth around 9-10k now. If she only owes 6k. You could playa price it for like 7-8k for the quick sale. What kinda of car is it anyway [Big Grin]
 
Posted by 91CHP_Coupe (Member # 7686) on :
 
quote:
Originally posted by AL STOCK:
quote:
Originally posted by NiftyWhiteFifty:
sell the car, pay off the loan and give her whatever is left over to buy another car [patriot]
Thats a good idea too, hmmmmmmm, i'll look into this tomorrow.
My question is can u sell a car that is not paid off and dont have the pink slip for it??? How is that going to work if the bank still owns the car???
 
Posted by venomous99 (Member # 1917) on :
 
quote:
Originally posted by 91CHP_Coupe:
quote:
Originally posted by AL STOCK:
quote:
Originally posted by NiftyWhiteFifty:
sell the car, pay off the loan and give her whatever is left over to buy another car [patriot]
Thats a good idea too, hmmmmmmm, i'll look into this tomorrow.
My question is can u sell a car that is not paid off and dont have the pink slip for it??? How is that going to work if the bank still owns the car???
yes, the new owner will need to pay off the existing loan, releasing the lien on the pink slip. the current owner sign over the car to the new owner..its kind of a pain in the ass process that takes some time to complete. this becomes more of a pain for the buyer especially if the bank is out of state.
 
Posted by NavidR (Member # 3164) on :
 
first your stuck with the car, a bank will never take your name off the loan, this way they have you responsible for the car. If the car is only in your name, I would sell her the car and have her try to get a loan (its a long shot but hey it might work)

I would talk to your sister and have her make the payments to you and you pay the bank, Long story short make sure the payment is paid. If she doesn't agree, well if its in your name only then its your car so I would just take it and sell it. payoff the loan then give her the rest of the money.

This is why you shouldn't co-sign for anyone, don't worry we have all been through this, LOL and good luck

hey and if nothing else works tell your parents
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by NavidR:
first your stuck with the car, a bank will never take your name off the loan, this way they have you responsible for the car. If the car is only in your name, I would sell her the car and have her try to get a loan (its a long shot but hey it might work)

I would talk to your sister and have her make the payments to you and you pay the bank, Long story short make sure the payment is paid. If she doesn't agree, well if its in your name only then its your car so I would just take it and sell it. payoff the loan then give her the rest of the money.

This is why you shouldn't co-sign for anyone, don't worry we have all been through this, LOL and good luck

hey and if nothing else works tell your parents
Hahaha i know, im 95% leaning towards slapping this thing on Craigslist.

BTW its a 2005 Corolla Type-S, if she doesn't do anything in the next 24 hours, im putthing this on Craigslist.
 
Posted by FriscoNotch (Member # 5916) on :
 
If you want to break even you should be able to no problem!
 
Posted by AL STOCK (Member # 1852) on :
 
Update -

Spoke to Toyota, i made a few payments to bring this up to current for her dumbass while she made little payments from her end today.

But Toyota will NOT remove this late payment off my name, they are telling me that this had happened four times before so we would need to write a letter to Toyota explaining what happened..

My realtor is telling me that i can write Toyota a letter, if Toyota declines to remove this late payment from my history then have that as proof then file a dispute on my credit and show them the letter that i tried.

What a mess!

[ February 09, 2009, 09:50 PM: Message edited by: AL STOCK ]
 
Posted by Kaindia50 (Member # 5174) on :
 
take the car from her...sell the car and buy her a 1980 corolla as punishment [Big Grin] ...cuss u know baboon boi wont put it under his name cuss he got the eclipse rite dunno if it paid off or still makin payments
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by Kaindia50:
take the car from her...sell the car and buy her a 1980 corolla as punishment [Big Grin] ...cuss u know baboon boi wont put it under his name cuss he got the eclipse rite dunno if it paid off or still makin payments
LOLLL

Baboon credit all jacked up too, he is more useless then a homeless crack addict. He just sits at home and plays PS3 and works 8-5 so he can save enough money to upgrade his Eclipse interior.
 
Posted by 88DroptopGT (Member # 2535) on :
 
quote:
Originally posted by NavidR:
This is why you shouldn't co-sign for anyone,
+1

It only gets uglier the more payments she could potentially miss.

I couldn't even do it personally I would be so pissed at just writing a letter for a car I don't even use I would just sell the damn thing and tell my sister to take the bus!
 
Posted by Kaindia50 (Member # 5174) on :
 
quote:
Originally posted by AL STOCK:
quote:
Originally posted by Kaindia50:
take the car from her...sell the car and buy her a 1980 corolla as punishment [Big Grin] ...cuss u know baboon boi wont put it under his name cuss he got the eclipse rite dunno if it paid off or still makin payments
LOLLL

Baboon credit all jacked up too, he is more useless then a homeless crack addict. He just sits at home and plays PS3 and works 8-5 so he can save enough money to upgrade his Eclipse interior.
fuka tha bullskitt...fuken sware that foo made the inside of that car like a sum kinda bluebarry & vanilla icecream or sum .....take the rolla back n sell it end of issue! [dance]
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by Kaindia50:
quote:
Originally posted by AL STOCK:
quote:
Originally posted by Kaindia50:
take the car from her...sell the car and buy her a 1980 corolla as punishment [Big Grin] ...cuss u know baboon boi wont put it under his name cuss he got the eclipse rite dunno if it paid off or still makin payments
LOLLL

Baboon credit all jacked up too, he is more useless then a homeless crack addict. He just sits at home and plays PS3 and works 8-5 so he can save enough money to upgrade his Eclipse interior.
fuka tha bullskitt...fuken sware that foo made the inside of that car like a sum kinda bluebarry & vanilla icecream or sum .....take the rolla back n sell it end of issue! [dance]
Can't even do it, sister has a baby now so i gotta think ahead for their future since baboon can't take responsibilty.
 
Posted by NavidR (Member # 3164) on :
 
quote:
Originally posted by AL STOCK:
Update -

Spoke to Toyota, i made a few payments to bring this up to current for her dumbass while she made little payments from her end today.

But Toyota will NOT remove this late payment off my name, they are telling me that this had happened four times before so we would need to write a letter to Toyota explaining what happened..

My realtor is telling me that i can write Toyota a letter, if Toyota declines to remove this late payment from my history then have that as proof then file a dispute on my credit and show them the letter that i tried.

What a mess!
Not sure what your realtor knows but from financing point of view, it doesn't matter ya its on your credit, but just have the receipt that payment and just show them. I don't think you should have any problems, we have this happen all the time.
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by NavidR:
quote:
Originally posted by AL STOCK:
Update -

Spoke to Toyota, i made a few payments to bring this up to current for her dumbass while she made little payments from her end today.

But Toyota will NOT remove this late payment off my name, they are telling me that this had happened four times before so we would need to write a letter to Toyota explaining what happened..

My realtor is telling me that i can write Toyota a letter, if Toyota declines to remove this late payment from my history then have that as proof then file a dispute on my credit and show them the letter that i tried.

What a mess!
Not sure what your realtor knows but from financing point of view, it doesn't matter ya its on your credit, but just have the receipt that payment and just show them. I don't think you should have any problems, we have this happen all the time.
Me and the realtor have been working past 3 months monitoring my credit and other stuff, we were just awaiting some W2s and final documentation but it would piss anyone off to see their score drop from being almost perfect.


Oh well, things are looking good now [Smile]
 




Fueled by Ford Mustang Owners
on CaliforniaFords.com