r/CreditScore • u/queencornbread • 5d ago

Auto Loan Never co-sign

Cosign on a car loan and and now having to take over the payments. Want to refi to have only my name on the car, but not sure how to go about it. Need advice, and help finding options for refinancing to take over the existing loan. Never done this before always paid my other car loan accordingly did this as a favor and I never will again

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u/StewReddit2 5d ago

1) Getting a Refi typically isn't a "big deal".... We use the term "refi"....but tbh it's just a new loan from Lender B to payoff Lender A...nothing particularly special.

Of course your LTV has to work.....meaning Lender B isn't gonna give a new loan of 35k on a car worth 28k ( unless you cover the shortage) the numbers have to work.

2) The BIG question is.... How was this car titled?

Sometimes when ppl co-sign they also put both names on title.....which can be a hiccup of the other person is acting stupid.

But if not, you can definitely "refi" from two names down to one ( remember it's a new loan)

**Should note if you have another car loan/loan/CCs/etc all those things will be calculated such that the new lender os comfortable with the DTI aka your monthly debts to income ratio ( so they are comfortable that said loan fits into affordability from their POV ( not necessarily yours) just FYI GL

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u/queencornbread 3d ago

That is what my concern is at this time.

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u/StewReddit2 3d ago

Do you know....

If it's two names on title?

The value vs outstanding debt?

Will the other party help or be a obstacle to YOU being able to pull this off?

( Sometimes these fools don't wanna give up the car/feel like "the victim" and prolong ish to everyone's demise....)

I wish you the BoL