I own a car with my boyfriend. He now want to buy me out. What is the procedure on buying a person out?

Question

I own a car with my boyfriend. He now want to buy me out. What is the procedure on buying a person out?

Answer 1

He has to refinance the car into his name only.  You can call the lender you are currently with or go into a bank or credit union, but he has to refinance it, you cannot just take your name off of it.

Answer 2

u can search and find out the price of car from the google website, below i have wrote a link of google website search that will help u.

http://www.google.com/custom?q=buy+car&s...

Answer 3

Is the car Paid for or is it still under a Loan of some sort ?

If its Paid for then its simply the matter him paying you your share of the price of the car. You sign the title over to him & he gets it only in his name. The question would be what is the Price of the car. You can use Edmunds.com TMV as a measure of the same. If there is a strong disagreement over the price value, sell the car and divide the cash among you two.

If the car is still under a Loan of sorts, he'll need to Refinance on his name. Even then he'll need to pay you off some money. It won't be 50 % of the cost. Its something you need to negotiate. Depends on number of payments remaining & cost.