QUESTION
I transferred the title and registration over to the co-signer of the vehicle that I am currently the primary owner of. How do I transfer the loan?
Asked on Jun 17th, 2019 on General Practice - New York
More details to this question:
Our vehicle ended up being fixed improperly several times by the dealership. They refused to take it back, but did fix it once we involved the attorney general. The co-signer of the auto loan asked to take it over. We have transferred the title to the co-signers name, as well as the registration. The dealership is still refusing to help us even change the auto loan over to the co-signer. What can we do?
2 ANSWERS
1 Award
Nothing. The loan was made on your credit. It will not be transfered. Now you do not even have the car. Not a good move.
Answered on Jun 18th, 2019 at 11:47 AM
You and your cosigner agreed to repay the lander (or the lender's assigns) for the car loan, meaning that both of you were liable on the loan. Now you wish to transfer full responsibility for repayment to the cosigner. As between you and your cosigner, you can accomplish this through a simple contract, but you can't destroy your obligation to repay the lender without the lender's (or the lender's assign's) consent.
Answered on Jun 17th, 2019 at 12:48 PM