I have a vehicle financed in my name but i want it in my husbands. Can he refinance the vehicle in his name?

Question

I have a vehicle financed in my name but i want it in my husbands. Can he refinance the vehicle in his name?

Answer 1

Financing a car involves pledging the car as collateral.  Only the owner can do that.  This means that you will have to "sell" the car to him (Illinois, for example, will make you pay $15 sales tax even if he's not actually paying you anything, in addition to title transfer fees.)  Then he can finance the car in his name.

Answer 2

Financing anything involves a contract to repay money you borrow to buy something.  It doesn't matter who you are buying it for, it matters that you're obligated to pay back a specific amount of money you borrowed for a purchase.  If you don't want to be obligated to pay back the loan, you need to get off the note/contract.  Essentially, your husband needs to qualify, and then he can get a loan for the remaining balance in his name, which will then pay off the loan in your name.  If you were to transfer the title to his name, it doesn't effect a separate commitment that you made with a lender to repay money borrowed to buy the collateral.  Check with your credit union to see if he can refi the car cheaply.

Answer 3

you could have your husband draw up a new loan with his bank and it works just as if you were selling him the vehicle.  the institution he gets his loan through will cut your institution a check to payoff your balance and then he just makes payments thru his institution.  i would act now, interest rates are on the rise again!

Answer 4

As long as he can get a loan.  NOTE: The name on the LOAN does NOT effect who OWNS the car.  The name on the TITLE determines legal ownership.  Of course, most lenders will insist the borrower and the legal owner are the same person.

Answer 5

Absolutely. Contact your local dealership and ask them to do a wash sale. They can essentially re-sell the car to you.

Works every time.

Answer 6

Yes, but he will have to pass through the bank's credit approval process if your name is coming off the loan.

Answer 7

There is NO reason to refinance the automobile!!!!! Just simply go to the State vehicle registration office and they will do it for you at almost nothing.  If you take the information about going to a car dealer that will cost you a BUNDLE.

Answer 8

The term "financed" means "loan".

It is a separate thing from the car itself, as it is the money borrowed to purchase the car.

If you wish to take your name off the loan you will need to pay off the loan. That can be done simply by having your husband take out a new loan on the car, and using that money to pay off your loan. There are multiple ways of doing that. You can go to a bank, credit union, etc.

It is done everyday.