Hi everyone. I have a question that no one seems to have an answer to so I'm hoping someone here can help. I financed a car for my daughter a couple years ago, her senior year, she is now 19 and wants to put the car in her name to help with her build her credit. The problem is no one seems to know how to do that with a car that still carries a balance. One person told us to trade it in and then put her down as a Co-buyer, then in a few months she could re-finance but that seems like a lot of work and I would assume this would hurt her credit since they would be pulling it twice within a few months of each other. Does anyone know another way to do this? Please help :/
I wish I could help you, but I have no idea.
Talk to a notary that handles car registrations and explain the situation. We had a similar problem in the family a few years ago and the notary was just great, she knew exactly what to do.
If the notary can't help you they should at least be able to give you some suggestions as who to call. Lien holder would be one, I would imagine, if they are holding the title.
Contact the lienholder which I am assuming is a bank. She will need a new loan that she qualifies for on her own merits and then they will transfer title to her name and their name. You cannot do anything without the lienholder/bank driving the transaction. Because no one can get them off the title so that you could make any changes.