Car refinancing questions

Ok I have a question ...

I'm taking over payments on my cousins car but, how do I go about changing the title over if she still is paying on it?? Do I have to refinance to change it to my name?? Do I have to pay TT&L all over again if I refinance it ..??

Sorry .. i feel so dumb for asking but know theres alot of car guys on here with lots of info and ladies who prob who have been there .. so just any info helps on the easiest and cheapest way to do this.

Thanks
Lexxxi

Wow, no responses, that sucks!
I don't know anything specifically about car loans but... You need to get a copy of the loan agreement that your cousin signed when he/she bought the car, look to see if the loan can be assumed or transferred. Next, you should find out if your cousin is behind in payments, you might have to bring the loan current. You should call the lending company directly and just ask them the best way to handle this transaction, ask what needs to happen to transfer the loan to you. You should also check the interest rate on the loan, it may make sense to refinance if your credit is better than your cousins and you can get a lower rate.
Good luck!

Sweet,

Right in line with xfin, first find out where your cousing stands on the current note to make sure no one is out there looking to pick up the car. Second, start looking for alternate financing to payoff the current note and get the financing in your name (sometimes) a lender will work something out to add you to the current note or refinance in your name (DOC). Thirs, if you payoff your cousin loan you paid the TTL and the new lender will put the new title (lien) in your name. you will get a copy and get the original once the loan is paid in full. (Good luck, this takes patience and communication with the current lender). Have your cousin put something in writing signed and notarized helps to give you permission to communicate with the current lender.

Be careful on this and don't agree to or sign anything till you have a chance to review things. I let my bank deal with shit like this because the other banks will try to fuck you (whoever the car loan is with). So go to your bank and sit down with customer service they probably can help you.

Hey Lexxii this isn't the same situation but it may give you some ideas on how to proceed.

I just finished selling my ex-wife's car. It had been sitting in the driveway for almost a year.
She moved out of state so that complicated stuff, add to that, she lost the title.
Had to get her to contact the company that held the lien and get them to write a letter saying
she didn't owe any more money on it. ( That costs $17.00 and takes 10 days. Then had to have her give me power of attorney in regard to this car, to me. Took everything to DMV and they gave me a new title with HER name on it and I then used the power of attorney to sell the car and sign over the title to the new owner in her behalf.

Why don't you drive down the the DMV and just ask them what you have to do. ( 3500 NW I-410 Loop 210-615-2776) There were no waiting lines the two times I was there and they
are very helpful and will tell you exactly what to do and give you the necessary paper work. WHen the time comes they
will print out the title right there for $5.00 This isn't the motor vehicle license dept, this is just for titles etc. The motor vehicle licensing dept is an entirely different story. Waiting lines are two hours long. DMVis friendly and fast!! Plus they have all the blank forms you need right there and they'll give you whatever you need. Power of Attorney froms, transfer forms, etc etc. and , I repeat, they are actually very friendly.

Ramon this car has a lien on it. Lexxxi would have to get a new loan for whatever the "payoff" is. This can be complicated if the original bank are jerks and have high rate and are predators.

Yeah you're right Harro69. But
if the lien holder allows it, she can have her name added to the existing loan and sort of become the co-signer for the car. The lien holder should be happy to do this since it betters their chance of geting their payments
. If I'm not mistaken, if Lexxi is able to have her name added to the lien then a new title can be issured and her name, the cousins name and the lienholders name will be the owners. At some point the cousin needs to drop out of the picture and turn the car over to Lexxi. How
this happens ,I don't know ,but the DMV deals with this stuff all the time and can probably give her all the info. When I was trying to sell my wifes cars I made an initial trip down there and they had three clerks not doing anything till I walked in. The lady who
waited on me gave me the name of my ex's lienholder and told me exactly what to do and handed me five or six forms to use. I did everthng she told me to do and I went back. Again, no lines. I went to the same lady and had the title to the car my hands and was on my way home in less then fifteen min.

Ramon, when a Lien is on a vehicle the title is of the lien holder not the buyer. So yes if she refinances, regardless of how, a new title with the bank will be on it. The buyer will still not own the vehicle and the title goes back to the lender until a time that it is payed of then you have to take it back down and then you get it under your name.

Wellllll Before you proceed go to Yahoo Blue Book and make sure you are not paying more than the car is worth. Chances are if she has only owned the car for a short time she owes more than the car is worth car dealers call it "upside down". If the car was bought NEW it will take two or three years of payments for the car to be worth what is actually owed on it. The best place to finance a car is a CREDIT UNION second best is a bank bc either will not loan you more than the car is worth. Worst place to finance a car is a used car dealer like Carmax or Drive Time or any other used car dealer bc they will sell the car to you usually at a higher price than the car is worth.
Just call the lien holder and ask them if you can take over payments if you don't have a CU or bank.

Coming from an insurance point of view (so I don't know is what I'm saying), it all depends on the lien holder. For the majority of people, as soon as the car leaves the lot, you are upside down on your loan(owe more on the vehicle than its actually worth). The lien holder would make more on a higher interest loan than having the car repo'd and sold at an auction, so some might be willing to add you on to the title (if this is the case, make sure it says your cousins name AND yours....I'm not sure about Texas, but if it says and/or, you might only need one persons signature to sell the car. If it says only the names seperated by AND, both are required to sign the title). Also, some lien holders might allow you to sign a contract and a power of attorney, which would mean you are assuming the responsibility of the car, but still might have your cousin on the hook if you don't pay. Be careful though, if you take over payments without some type of agreement, and the car gets paid off, your cousin owns the car.

My cousin saw a newer vehicle she wanted and asked if i was willing to take over the payments on her car so she could purchase a new one.. i gladly agreed bc i am in desperate need of a vehicle. She is not behind in payments and owes a fair amt still but nothing over the top. The mom and pop lot she is getting her new vehicle from said that they could do all the refinancing for us and get everything changed over to our name.. but what im trying to see is if i should go to our bank and ask about refinancing or if i should let dealership do it ?? I am asking bc they asked for 15OO for the tt&l .. so i told them to put it in the note of the car with the loan. Then they are also sayin since my SO has a repo frm yrs back that he has to pay 15OO ... is this right ???

thanks everyone for responding ...

xoxo
lexxxi

Hum the TTL you do have to pay for the new refinancing and loan change. That's just state & county wanting there cut as usual. The repo deal I don't know that sounds odd. Only if a bank was still claiming he owed money but by now that probably would of went to collections & credit score hit?

To be honest, since the small car dealership is acting as the loan company, they can do whatever they want. The TTL seems in line, as for the down payment, that seems like something a car dealership will do if the credit isn't great...especially from a mom/pop show (most likely doing in house financing w/ a high interest rate). The last time I financed a vehicle (thru USAA), I had them cover the TTL with the finance amount so nothing came out of pocket up front), from what you stated, the dealership is willing to cover the TTL, but you still have to pay a down payment on the car...which sounds right unfortunately!

Also, check the interest rate! I would hate for you to be locked into a ridiculously high interest rate. If that's your only option, and the interest is high, try to pay the vehicle off as quickly as possible. Remember, the dealership wants your cousins business, so they aren't in complete control over the situation. They obviously do have the upper hand, but y'all have some power too. You can always try to negotiate with them( such as splitting the down payment up into the first couple of months payments).

Ah it's a down payment yea that sounds about right. Pull up his credit report and see what it says otherwise just roll with the $1500 then cause of how long those hits stay on the reports.