Auto Loan Question?
My dad and I co-bought a car together. Not co-signed, co-BOUGHT. I am listed as the co-buyer and he is primary because I needed to borrow his credit for the loan. I make all payments, pay all maintenance, and all gas. The only thing he pays for is the insurance. If I wanted to insure the car only in my name and go refinance it, could I do that without his permission? My name is on the title alongside his. And on the registration, it says Chris or Nicol. Any help would be greatly appreciated. My dad doesn't want me refinancing until after graduation of college, but they have been threatening to take the vehicle from me for not cleaning the house well enough even though I work 40 hours a week. I would like it to be only in my name so nothing is risked anymore or threatened. Any advice would be appreciated.
- Oh Boy!Lv 51 year ago
You would need his signature also to refinance it.
- MichaelLv 71 year ago
No, you can't. Do a better job of cleaning the house.
- RICKLv 71 year ago
Must have co owners permission
- babyboomer1001Lv 71 year ago
Cars are not often refinanced. If the car qualified, you still cannot do it because you do not own the car exclusively. You AND your father would have to sell you the car, as the new and sole owner. Once that is done, there would be no need to refinance because you would own the car outright. However, I highly doubt your father would be stupid enough to do that, unless the car has been paid in full or unless you pay him for his portion of the car. Working 40 hours a week is no excuse for doing a lousy job.Source(s): Certified Paralegal, with 25+ years' experience.
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- STEVEN FLv 71 year ago
NO, there is NO SUCH THING as co-buyer and primary on the title. EVERYONE on the title is a co-owner with EQUAL claim to the vehicle.
You CAN pay off the loan without his permission, but that ONLY means he is not liable for the new loan. He would STILL be equal in ownership of the car.
Note: Getting insurance in your name doesn't require ANY change in the loan OR the title.
- JudyLv 71 year ago
No, of course not. He partially owns it too, you can't just end that.
- DzeLv 71 year ago
i doubt you could get the bank to release him off it without selling the car, as in, you trade it in and get another one and at that point you only put your name on the new deal .. i could be wrong on that so dont quote me, but either way you need to keep your pops in on the deal .. if you piss him off or cause a financial problem there he could just take possession of it and say fck you lol .. so yeah, talk it over with him and then with the dealer and go from there ..