My boyfriend has gotten a dui recently and his insurance went up like crazy tripling how much he use to pay. To avoid paying for the high insurance rate for the next 4 or so years, he suggested that he transfer his Wachovia car loan to me. How do I go about to doing that? Do I contact Wachovia first? Do I then have to get a car loan from the bank for the remaining amount of his car? By the way, my credit score is excellent. Thanks your answers.
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{ 3 comments… read them below or add one }
You’re playing with fire.
I’ll skip the lecture around "you should NEVER sign on to a car loan for a boyfriend/girlfriend, only for a spouse" and go into the legalities.
You can’t just have a loan "transferred" to your name. You need to follow these steps:
1) Have him call Wachovia and get a 10-day payoff amount on the loan.
2) YOU have to then go and see if you can get a loan (from your bank/credit union, or other lending source… you can even use Wachovia if they can get you a good rate).
3) Once approved, purchase the vehicle from your BF. Your BF needs to make sure the loan he currently has is paid in full. Only then can he transfer ownership to you/your bank.
4) Make sure everything is now in your name (keep in mind, adding him to your insurance as a driver means they’ll probably see that DUI and charge you accordingly). You need to make sure you cover yourself in the event that you and he split company. If you two break up, the car is yours.
Here’s the kicker… you have to get the bank to give you enough to cover your BF’s loan. You have to make sure the loan value on the car will be enough for them to OK it. For example… if your BF had a ’05 Mustang that he owed $15K on, and the loan value on the car was only $12K, you’d have to cover that $3K in cash.
Good luck.
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