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Transferring a debt


demoncasterouter
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OK, I got an approval IF I can get my name off one of my wifes car loans. She is the buyer on both cars, but I 'm the co-buyer on both. We had to do it this way (her tax returns show business losses for the past 2 years and so....negative income) and this is the reason we can't use her on the mortgage app. The ratio is so high though since I am the only one that will be on the mortgage. So if I can get off of one of the loans, I'm approved.

Does anyone know how I could get myself off the loan quickly without refinancing the vehicle.....???? (She'll refi if she has to w/ another co-buyer, but if we can keep from it..........)

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From what I was told by a LO at Fifth Third, if you can show the payments were made by her (ie: cancelled checks), you can work it so it won't count against you.

You bring up an excellent question, as I would like to know if what was told to me is true.

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I know many lenders will not add a person w/o rewriting, so I would assume the same for a removal.

Therefore, the only thing I can think of is to approach the lender and convince them to rewrite with her name only. If the contract is old enough with a good record, there should be no real problem. If they balk, then shop at the Credit Unions in your area as many offer good rates for Autos. I'm not sure if this would work, let alone help or hinder, so really think hard before you try it. That is to tell the lender your situation and see if they are willing to assist you. Remember, if they also offer Home loans and the like, they may consider in hopes you will consider them in the future. Even see if they will combine the two Autos on the same contract. Knowing how we felt being able to get our own home makes me wish I had the "Magic" solution to your position.

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