Legal Question in Real Estate Law in Texas
Auto Loan held by another party; how to transfer to my name
i have jeep cherokee. i have been making monthly auto payments right from the start. but the name of the auto loan is under my ex-boyfriend's name. we have been apart for a couple of years. how do i transfer this auto loan to my name? I am afraid he may make a claim to the ownership of the car; the catch is that he has no way of making the monthly payment on his own because he is a full time college student. what is the best way to approach him about transfering the auto loan to my name?
1 Answer from Attorneys
Re: Auto Loan held by another party; how to transfer to my name
You don't provide enough information. For one thing, you can't force a lender to change the loan into your name. They may not want to do that, since they lent the money on his credit and may want him to remain liable. Who is on the title? In a court of law, the person who pays for the car will be able to win title to it, but that can be a hassle and expense you'd rather not go through, but may have to, if he claims the car is his. Be ready to prove years of making car payments with canceled checks or etc., just in case. You need to talk to the lender first, and see if they'll consent to take him off the loan, or better yet--find another lender yourself who will refinance the loan by paying off the first lender in full (then you pay off the 2nd lender, and maybe at lower interest). But you really should find out whose name the vehicle will be titled in when the lien is removed. If it will be his, you will either need his cooperation to change title to you, or you will have to go to court to "quiet title" in the car.