Tips on Buying Cars: re-financing, current situation, paperwork

Question
I want to re-finance my vehicle because I am moving out of my mom's house. She is the primary signer and I am the secondary on the loan. She insists on keeping it that way but I don't want her responsible in any way on my vehicle at all. How can I switch the names on the registration or whatever so she is not on it at all whatsoever. She doesn't want to switch it, but I want her out of anything to do with finances. How can I re-finance it without her name on the paperwork so I am the only person on it??

Answer
Natalie,

I am not sure what is the whole situation here but am guessing there is more to it than you just want to be more responsible. You would need to arrange financing through another company for the pay off amount on the old loan. After that you would need to pay off the old loan with the new one and the title would have to be released from the old lender and sent to the new lender. Either way your Mother is going to have to sign to release her part of the ownership in the car. She will also have to agree to sign over the title and release her interest in the car.

So in short unless you Mother agrees to go along with this you are stuck in the current situation. Good luck on figuring it out. I do not see why she would not want off the loan etc. unless there is something else going on here.


Brad
http://www.buyingacar101.com