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This is called a 'straw' purchase. It does happen in the industry, but the banks do not allow it.
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∙ 15y ago
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How do you put your car loan in someone else's name?
You just can't place your loan in someone else's name. That other person has to get his/her own loan for the car and pay off your loan.
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
Can you transfer ownership of a car to someone else if it still has a lienhold on it?
Not unless they qualify to take over the loan with the bank. The bank OWNS the car.
A car is in your name but someone else has the car and was making pymts but since she stopped paying can you take the car back?
IF her name is NOT on the TITLE or loan, it is YOUR car and you can take possession of your car. Be SURE she doesnt have a contract with you.
If you moved to another country but still have a car loan can you refinance that loan in someone else's name?
The "someone else" needs to apply for a loan to pay off your car loan. With your loan paid off, you can sign the title over showing it free & clear. Don't sign off on the title until you know the loan is paid--or you could find that you no longer own the car but still have a loan to pay.
If you can't make the payments on your 2004 SUV what can you do?
Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.
Can a dealer collect on repo unpaid balance?
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.
Can you finance a car for someone else?
Yes, but you are responsible for that loan until paid or transferred.
One of my friends is subjected to deportation for a feloney offense and he is loaning a car for the worth of the car and he may not be able to pay the loan if deported but what happens to car loan?
In this case, the loan would still go into default unless your friend sells the car before his pending deportation or makes arrangements to transfer the loan to someone else willing to take over the payments.
You bought a car from someone but never registered it and you want to sell it to someone else. Can they still get it registered?
Do you have the title of the car in your name? Is there a loan on the car? You will have to register it if your name is on the title!
Can someone else insure a car if the loan is in your name?
Depending on the state you must at least cosign.
Can you get a auto loan but put the car in someone else name?
You can cosign but both names will be on title.
