How to Enforce Loan Transfer of Vehicle

P

primedonne

Guest
Jurisdiction
California
In May 2015 I signed to put a vehicle solely in my name for someone else. That person and I are no longer in a relationship and there is still a large amount owed on the vehicle (about $18K). That person wants to keep the vehicle in my name and continue to give me money for the monthly loan payments. I want the loan transferred to that person but they will not do it because they claim to have bad credit. Is there any way to order the loan transfer to that person? Having the car repossessed by the lien-holder would affect my credit badly. I can afford to take over the car payments if I repossessed the vehicle from the other person, but I don't need/want two cars and I know the other person needs this car. The other person said that in December 2016 they would find someone else to put the vehicle loan in their name for them, but it hasn't happened yet and I want to make sure the vehicle loan is not in my name any longer. Please help!
 
primedonne said:
In May 2015 I signed to put a vehicle solely in my name for someone else. That person and I are no longer in a relationship and there is still a large amount owed on the vehicle (about $18K). That person wants to keep the vehicle in my name and continue to give me money for the monthly loan payments. I want the loan transferred to that person but they will not do it because they claim to have bad credit. Is there any way to order the loan transfer to that person? Having the car repossessed by the lien-holder would affect my credit badly. I can afford to take over the car payments if I repossessed the vehicle from the other person, but I don't need/want two cars and I know the other person needs this car. The other person said that in December 2016 they would find someone else to put the vehicle loan in their name for them, but it hasn't happened yet and I want to make sure the vehicle loan is not in my name any longer. Please help!
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So you took out a loan in your name or you co-signed a loan? You should have just co-signed it OR just not helped at all when that person has bad credit. I don't think you can "order" someone else to take on a loan.
 
leslie82 said:
So you took out a loan in your name or you co-signed a loan? You should have just co-signed it OR just not helped at all when that person has bad credit. I don't think you can "order" someone else to take on a loan.
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I did say SOLELY in my name, so no, I didn't consign. And "shoulda coulda woulda" doesn't help me, but thank you for your response. I'm trying to figure out a way to get the loan out of my name, I've already figured out that it was an awful decision.
 
You cannot force the other person to get a loan and if they have really bad credit it just won't happen. The car belongs to you. It isn't really a matter of repossession from the person currently driving it. If the vehicle is worth what is owed, then your best bet is to sell the car and payoff the loan. That is the only way to get it out of your name.
 
primedonne said:
I did say SOLELY in my name, so no, I didn't consign. And "shoulda coulda woulda" doesn't help me, but thank you for your response. I'm trying to figure out a way to get the loan out of my name, I've already figured out that it was an awful decision.
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You can't force someone to take out a loan. You just can't.

Oh sorry I misread your post. You're the person who took out a loan on a car you don't need nor want for a friend who wasn't credit worthy.
 
primedonne said:
In May 2015 I signed to put a vehicle solely in my name for someone else. That person and I are no longer in a relationship and there is still a large amount owed on the vehicle (about $18K). That person wants to keep the vehicle in my name and continue to give me money for the monthly loan payments. I want the loan transferred to that person but they will not do it because they claim to have bad credit. Is there any way to order the loan transfer to that person? Having the car repossessed by the lien-holder would affect my credit badly. I can afford to take over the car payments if I repossessed the vehicle from the other person, but I don't need/want two cars and I know the other person needs this car. The other person said that in December 2016 they would find someone else to put the vehicle loan in their name for them, but it hasn't happened yet and I want to make sure the vehicle loan is not in my name any longer. Please help!
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Go get YOUR car, and change the locks IMMEDIATELY.
Why change the locks?
Because the other person MIGHT appear and attempt to take the car back.
Hide the car in a secure location, known only to you and the person/company where you will TEMPORARILY store the car.

If you have a garage, simply put the car in your garage, and you won't need to change the locks.

Once you have the car in your possession, you should begin efforts to sell the car.

There are several ways to do that.

You could see if you can trade in BOTH cars on a new car.
You can try to sell the 2nd car alone.
You can keep making the payments on BOTH cars, while you figure out a long term plan.

In no case should you allow the other person to possess the car beyond MIDNIGHT today!!!

There are just too many risks you could end up wearing, much bigger than the loan itself!!!
 
First about getting the other person to take the loan. If they have bad credit it just won't happen.
If you don't have the car in your possession you need to go get it. It is YOUR car. If you expect resistance contact police first and ask them to accompany you to keep the peace while you get your car. You don't need permission to take it unless it is secured on private property. If it is in the street or in an unfenced driveway you can just take it. You should definitely notify police before you take the car in case it is reported stolen... That will avid a big mess. Repo companies do this too.
I think your best option was given above. Consider trading in both vehicles for a new one. If your friend wants the car back he can buy it from the dealer where you trade it in.
 

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