Legal Question in Real Estate Law in North Carolina
While my son was in Iraq I purchased a car for him. He has made all the payments on time since that purchase from his checking account but still the loan is in my name. is there a way to change the information to be only in his name? He can afford the car, no problem its just a matter of paper work and attaching his name to the car and not me.
1 Answer from Attorneys
Real estate deals with land. This does not involve land.
The only way to get your name off of the loan is for your son to "buy" the car from you by you selling it for the amount remaining on the loan. He can pay off the loan if he can afford to do that or he can come up with the purchase price by applying for a loan either with the same lender or another lender of his choice. The new lender will then pay off the old lender. The lending company is not going to just switch names. You can ask, but its not very likely.
How long is the car loan for? It might be simpler to just pay off the car loan and when you get the title sign it over to him. As long as he pays on time, I don't see much of a problem or why you need to get your name off of the loan unless you are trying to get credit and this is somehow causing you to be denied or there is some other factor (judgment, bankruptcy or something).
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