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Adding name to Auto Loan


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Does anyone have any experience with having your name added to a car note? Three years ago I had zero good TLs and three baddies so rather than pay 17% interest I asked a family member to finance the car and I would make all payments. They agreed and three years later I have made all payments on time at 8% (was an ok rate at that time) is there any chance of them adding me or transfering the note to me if I request and show some proof that I have been paying the money on the loan...any thoughts are welcome.

I do not want to refi cause there is only 1.5 years left on the note

thx

thirsty

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No you have it WAY WRONG!! My mother got the loan for me, as in she went in and applied got the payment book and then handed it over to me to pay.

Thirsty,

Believe your scenario usually only works if you had a cosigner, and you were both on the loan to begin with. Then you refi in your own name and take over. You would have had to do that from the get go. I think Grim is kinda right, I think.

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I think Grim was thinking I used her info without consent...since when is it illegal to pay a bill for someone? The company knows I pay it because she needed to give verbal permission to them so that I could call and speak with them on the phone in regards to the acct. The payments for a while were autodrawn off my acct in only my name....I guess I will just try to do a new loan for 2 years and essentially buy it off my mother.

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No no no no I wasn't accusing you of ID theft ... I was just saying that if she was a cosigner on your loan that's one thing. But she got the loan (in her name only?) and handed you the payment book - that's totally different.

The upside is you 1. got the loan 2. didn't get r@p3d on the finance charges. The downside is your perfect payment record is reflected on your mom's credit instead of yours.

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That's not illegal at all. My parents did the same thing for me when I started college. I was there with them and the finance manager and salesperson knew the car was for me but could not include my name on financing (didn't meet the minimum income). I too, am debating on refi (actually it wouldn't be considered refi but me "purchasing" a used car from my parents), I have a little less than 3yrs left.

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