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All Forums >> [Casual Banter] >> Polls and Other Random Stupidity >> short of buying off the car, is there any way to get out of being co signer or transfer

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short of buying off the car, is there any way to get ou... - 8/29/2013 12:53:48 PM

LittleGirlHeart

Posts: 1427
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the co signer on a car loan?

_____________________________

We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

Post #: 1

RE: short of buying off the car, is there any way to ge... - 8/29/2013 1:01:56 PM

Hillwilliam

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Joined: 8/27/2008
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If I understand your question right, you are cosigner (or know one) on a car loan and it is in default.

I have bad news. if you are cosigner, you are just as responsible for the debt as the owner.
Cosigning is a bad idea. If you sign onto being responsible for a loan then your name should be on the title as well as co owner.

When you cosign, you have all the liability and none of the advantage of ownership.

The only thing you can do is buy the car from the finance company.

_____________________________

Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

(in reply to LittleGirlHeart)

Post #: 2

RE: short of buying off the car, is there any way to ge... - 8/29/2013 1:03:20 PM

kalikshama

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Joined: 8/8/2010
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What did the loan company say?

(in reply to LittleGirlHeart)

Post #: 3

RE: short of buying off the car, is there any way to ge... - 8/29/2013 2:14:20 PM

LittleGirlHeart

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Joined: 4/4/2013
Status: offline

Not default no. in fact it's in fabulous standing. But he doesn't want to be a co signer any more. And i don't want him to be either.

quote:

ORIGINAL: Hillwilliam

If I understand your question right, you are cosigner (or know one) on a car loan and it is in default.

I have bad news. if you are cosigner, you are just as responsible for the debt as the owner.
Cosigning is a bad idea. If you sign onto being responsible for a loan then your name should be on the title as well as co owner.

When you cosign, you have all the liability and none of the advantage of ownership.

The only thing you can do is buy the car from the finance company.

< Message edited by LittleGirlHeart -- 8/29/2013 2:19:36 PM >

_____________________________

We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to Hillwilliam)

Post #: 4

RE: short of buying off the car, is there any way to ge... - 8/29/2013 2:15:35 PM

Hillwilliam

Posts: 19394
Joined: 8/27/2008
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quote:

ORIGINAL: LittleGirlHeart

Not default no. in fact it's in fabulous standing. But he doesn't want to be a co signer any more.

quote:

ORIGINAL: Hillwilliam

If I understand your question right, you are cosigner (or know one) on a car loan and it is in default.

I have bad news. if you are cosigner, you are just as responsible for the debt as the owner.
Cosigning is a bad idea. If you sign onto being responsible for a loan then your name should be on the title as well as co owner.

When you cosign, you have all the liability and none of the advantage of ownership.

The only thing you can do is buy the car from the finance company.

The owner of the car will probably have to refinance the car. If the loan is in good standing and has been for some time, that shouldn't be a problem.

_____________________________

Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

(in reply to LittleGirlHeart)

Post #: 5

RE: short of buying off the car, is there any way to ge... - 8/29/2013 2:16:00 PM

LittleGirlHeart

Posts: 1427
Joined: 4/4/2013
Status: offline

never occured to me to ask. actually.

quote:

ORIGINAL: kalikshama

What did the loan company say?

_____________________________

We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to kalikshama)

Post #: 6

RE: short of buying off the car, is there any way to ge... - 8/29/2013 2:25:17 PM

Hillwilliam

Posts: 19394
Joined: 8/27/2008
Status: offline

quote:

ORIGINAL: LittleGirlHeart

never occured to me to ask. actually.

quote:

ORIGINAL: kalikshama

What did the loan company say?

Tell the owner to go to the loan company and ask. Hey, I've been making these payments as you can see and my friend wants off the note. Can you refinance this thing so I'm the only one on it?

There's a good chance they'll lie and say no.

_____________________________

Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

(in reply to LittleGirlHeart)

Post #: 7

RE: short of buying off the car, is there any way to ge... - 8/30/2013 7:56:44 AM

MasterCaneman

Posts: 3842
Joined: 3/21/2013
Status: offline

quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: LittleGirlHeart

never occured to me to ask. actually.

quote:

ORIGINAL: kalikshama

What did the loan company say?

Tell the owner to go to the loan company and ask. Hey, I've been making these payments as you can see and my friend wants off the note. Can you refinance this thing so I'm the only one on it?

There's a good chance they'll lie and say no.

99.9 % of the time. Most times a cosigner is needed on a loan in order to get the income high enough to justify the time/rate/credit history of both signers. And, depending on the state the note is drawn in, they may have to adjust the interest rate in order to make the loan/payments work.

It's also a shit-ton of work because many times, in order to get a new note, the vehicle has to meet certain criteria in order to determine its actual value. That could mean anything from a plain old state inspection to a near-total rebuild, depending on condition. I speak as a former car salesman who attempted this a couple of times without success.

You're in it for the long haul, I'm afraid, unless you pay off the car in one shot. Call the finance company and see what the principal remaining is. Most lenders have an unadvertised policy that allows you to pay that, and then the interest on zero is zero.

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler

(in reply to Hillwilliam)

Post #: 8

RE: short of buying off the car, is there any way to ge... - 8/30/2013 11:56:55 AM

LittleGirlHeart

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Joined: 4/4/2013
Status: offline

Yup. He wouldn't qualify for the car otherwise with out a co signer.

yeah. We're no where near being able to scrape up the 9 or so k it'd cost to pay it off in one go.

quote:

ORIGINAL: MasterCaneman

99.9 % of the time. Most times a cosigner is needed on a loan in order to get the income high enough to justify the time/rate/credit history of both signers. And, depending on the state the note is drawn in, they may have to adjust the interest rate in order to make the loan/payments work.

It's also a shit-ton of work because many times, in order to get a new note, the vehicle has to meet certain criteria in order to determine its actual value. That could mean anything from a plain old state inspection to a near-total rebuild, depending on condition. I speak as a former car salesman who attempted this a couple of times without success.

You're in it for the long haul, I'm afraid, unless you pay off the car in one shot. Call the finance company and see what the principal remaining is. Most lenders have an unadvertised policy that allows you to pay that, and then the interest on zero is zero.

quote:

in order to get the income high enough to justify the time/rate/credit history of both signers. And, depending on the state the note is drawn in, they may have t

_____________________________

We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to MasterCaneman)

Post #: 9

RE: short of buying off the car, is there any way to ge... - 8/30/2013 2:24:33 PM

MasterCaneman

Posts: 3842
Joined: 3/21/2013
Status: offline

What's your monthly payment? You can probably speed up the process by doubling up and sending one in marked
"For Principal Only". That way, it isn't paying off the interest, which is the first half of your loan payment schedule. You can save some serious money by doing that. Other than that, you've pretty much married that car.

Lord knows how many times I've had boyfriend/girlfriend combos come in and one signs with the other and I just know in a couple months one of them will be back asking the exact same question. I wasn't allowed to (nor did I really want) tell them that unless they were married, it was a monumentally bad idea to do that.

If anyone out there is considering doing just that,DON'T! Seriously, don't do it. If your SO can't swing a loan on their own, they either are trying to buy too much car or they shouldn't be financing in the first place. Did you buy the car at a "buy here, pay here" lot or one that carried their own contracts?

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler

(in reply to LittleGirlHeart)

Post #: 10

RE: short of buying off the car, is there any way to ge... - 8/30/2013 3:17:13 PM

LittleGirlHeart

Posts: 1427
Joined: 4/4/2013
Status: offline

200 a month. got it at carmax.

quote:

ORIGINAL: MasterCaneman

What's your monthly payment? You can probably speed up the process by doubling up and sending one in marked
"For Principal Only". That way, it isn't paying off the interest, which is the first half of your loan payment schedule. You can save some serious money by doing that. Other than that, you've pretty much married that car.

Lord knows how many times I've had boyfriend/girlfriend combos come in and one signs with the other and I just know in a couple months one of them will be back asking the exact same question. I wasn't allowed to (nor did I really want) tell them that unless they were married, it was a monumentally bad idea to do that.

If anyone out there is considering doing just that,DON'T! Seriously, don't do it. If your SO can't swing a loan on their own, they either are trying to buy too much car or they shouldn't be financing in the first place. Did you buy the car at a "buy here, pay here" lot or one that carried their own contracts?

_____________________________

We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to MasterCaneman)

Post #: 11

RE: short of buying off the car, is there any way to ge... - 8/30/2013 3:21:43 PM

splatterpunk

Posts: 119
Joined: 7/10/2013
Status: offline

in the immortal words of soul coughing, "just wreck it/you insured the thing"

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i'll be yr mentor
i'll mentor ya but good

(in reply to LittleGirlHeart)

Post #: 12

RE: short of buying off the car, is there any way to ge... - 8/30/2013 3:53:29 PM

MrRodgers

Posts: 10542
Joined: 7/30/2005
Status: offline

quote:

ORIGINAL: LittleGirlHeart

Not default no. in fact it's in fabulous standing. But he doesn't want to be a co signer any more. And i don't want him to be either.

quote:

ORIGINAL: Hillwilliam

If I understand your question right, you are cosigner (or know one) on a car loan and it is in default.

I have bad news. if you are cosigner, you are just as responsible for the debt as the owner.
Cosigning is a bad idea. If you sign onto being responsible for a loan then your name should be on the title as well as co owner.

When you cosign, you have all the liability and none of the advantage of ownership.

The only thing you can do is buy the car from the finance company.

Then the borrower needs to get another loan on their own to pay off the original lender. That removes the cosigner from the title if your state requires that. I am from a state that didn't.

(in reply to LittleGirlHeart)

Post #: 13

RE: short of buying off the car, is there any way to ge... - 8/30/2013 3:55:24 PM

MrRodgers

Posts: 10542
Joined: 7/30/2005
Status: offline

quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: LittleGirlHeart

never occured to me to ask. actually.

quote:

ORIGINAL: kalikshama

What did the loan company say?

Tell the owner to go to the loan company and ask. Hey, I've been making these payments as you can see and my friend wants off the note. Can you refinance this thing so I'm the only one on it?

There's a good chance they'll lie and say no.

This is the first thing you try unless [he] can better rate somewhere else like say...a credit union.

(in reply to Hillwilliam)

Post #: 14

RE: short of buying off the car, is there any way to ge... - 8/30/2013 3:58:08 PM

MrRodgers

Posts: 10542
Joined: 7/30/2005
Status: offline

quote:

ORIGINAL: splatterpunk

in the immortal words of soul coughing, "just wreck it/you insured the thing"

Yep but...check the bluebook first to see how close it comes to the loan value because that's all you'll get.

(in reply to splatterpunk)

Post #: 15

RE: short of buying off the car, is there any way to ge... - 8/30/2013 4:05:58 PM

OsideGirl

Posts: 14441
Joined: 7/1/2005
From: United States
Status: offline

quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: splatterpunk

in the immortal words of soul coughing, "just wreck it/you insured the thing"

Yep but...check the bluebook first to see how close it comes to the loan value because that's all you'll get.

Minus the deductible, which I'm willing to bet is probably set to the max.

_____________________________

Give a girl the right shoes and she will conquer the world. ~ Marilyn Monroe

The Accelerated Velocity of Terminological Inexactitude

(in reply to MrRodgers)

Post #: 16

RE: short of buying off the car, is there any way to ge... - 8/30/2013 5:05:03 PM

MasterCaneman

Posts: 3842
Joined: 3/21/2013
Status: offline

Carmax is nearly impossible to get out of their contracts. Depending on your state (which I don't want to know), the only way would be for him to somehow wrangle a signature loan and pay it off. It's tough to refi a used car, not impossible, but tough depending on who holds the note.

Nothing is truly impossible to a good lawyer, but that could get very expensive in its own right. Just for shits and giggles, what's the make, model, year, and miles on it?

_____________________________

Age and treachery will always overcome youth and ambition.

The supreme art of war is to subdue the enemy without fighting. ~ Sun Tzu

Goddess Wrangler

(in reply to LittleGirlHeart)

Post #: 17

RE: short of buying off the car, is there any way to ge... - 8/30/2013 7:11:16 PM

ResidentSadist

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From: a mean old Daddy, but I like you - Joni Mitchell
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If you figure out a way to get rid of co signers (aside from murder) let me know. Gotta' house in the same situation.

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I give good thread.

(in reply to LittleGirlHeart)

Post #: 18

RE: short of buying off the car, is there any way to ge... - 8/30/2013 7:19:45 PM

DomMeinCT

Posts: 2355
Joined: 5/5/2005
Status: offline

quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: splatterpunk

in the immortal words of soul coughing, "just wreck it/you insured the thing"

Yep but...check the bluebook first to see how close it comes to the loan value because that's all you'll get.

And the potential for an investigation by the insurance company for fraud (common if everything doesn't line up....like recent requests for changing the terms of a contract with the finance company).

Not all advice is good advice, OP.

_____________________________

The meeting of two personalities is like the contact of two chemical substances:
if there is any reaction, both are transformed.
~ Carl Jung

(in reply to OsideGirl)

Post #: 19

RE: short of buying off the car, is there any way to ge... - 8/30/2013 7:22:49 PM

OsideGirl

Posts: 14441
Joined: 7/1/2005
From: United States
Status: offline

quote:

ORIGINAL: MasterCaneman
It's tough to refi a used car, not impossible, but tough depending on who holds the note.

I refinanced a car. When I bought the car, I had been laid off for a little bit just prior, so my credit had taken a hit and the interest rate was high. I had the car a year and had made all the payments on time. The credit union I belonged to allowed me to apply, present my case to their board and approved the re-finance taking the loan away from the high rate finance company. (The caveat being that what was owed on the car was a little less than the current trade in value on KBB.)

_____________________________

Give a girl the right shoes and she will conquer the world. ~ Marilyn Monroe

The Accelerated Velocity of Terminological Inexactitude

(in reply to MasterCaneman)

Post #: 20

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