Can I take over a car loan from someone else?

Can you transfer a car loan to someone else? You cannot “transfer” a car loan to someone else without also transferring ownership of the vehicle to them. In most cases, transferring ownership is considered selling.

How do I get my name off a cosigned car loan?

Your best option to get your name off a large cosigned loan is to have the person who’s using the money refinance the loan without your name on the new loan. Another option is to help the borrower improve their credit history. You can ask the person using the money to make extra payments to pay off the loan faster.

What happens to a deceased spouse’s car loan?

In a community property state, any property or assets purchased by one spouse during a marriage—as well as any loans taken out—become jointly owned by and the responsibility of the other spouse. 8  That means if a deceased person had a $10,000 outstanding auto loan balance, the spouse is liable for $5,000 of that loan.

What happens if I give my car back to the lender?

If you return the car to the lender, the lender will likely sell it. It will apply the proceeds of the sale to your car loan balance, after reimbursing itself for the costs of sale and certain fees. Often the sale proceeds are not enough to cover your loan balance; the remainder of the loan amount is called the deficiency.

Can you sell a car with a loan to someone else?

Selling the car doesn’t require the consent of both parties on the title in many states. Your co-owner can turn the keys over to someone else without your agreement after the loan is paid off. You can enter into a written agreement between you prohibiting this, but you’d have to go to court to enforce it.

Can a new owner take over a car loan?

It sounds like Carlos is hoping someone will officially take over his payments and assume his loan. But that may not be possible. “In most cases, car loans are not assumable,” says Edmunds.com Senior Consumer Advice Editor Philip Reed. “When the registration and title are transferred to a new owner, the lender needs to be notified.

How can I take over my husband’s car loan?

Visit the dealer or bank where your husband’s car loan is from. Bring your husband with you. If the lender is not in the area, contact them on the phone. Make to have your husband’s car loan paperwork in either scenario. If the car is leased, the same steps apply.

Can a joint car loan be maintained by a former spouse?

A joint car loan continues to be joint in the eyes of your creditor, even if your former spouse is the party ordered by the court to maintain responsibility A joint car loan continues to be joint in the eyes of your creditor, even if your former spouse is the party ordered by the court to maintain responsibility A service of Cordell & Cordell, P.C.

Can a spouse Hold you harmless for a car loan?

For a debt on which your spouse is taking full responsibility, such as a car loan, you can include language that your spouse “hold you harmless” for that debt- that is, your spouse agrees that you are not liable for the debt owed, even if it is in your name.

Who is responsible for paying off a car loan if a spouse dies?

However, if they are not co-signers on the note, surviving spouses, in general, relatives, and other beneficiaries will not be responsible for paying any debts. There are exceptions, however, based on state law that may require a surviving spouse to satisfy some or all of the remaining debt.