How to Add Your Name to a Car Title By Refinancing the Car

If you do not have your name on a title for a vehicle, you do not have any legal right to the vehicle. You cannot sell the vehicle, legally have work performed on it or register it under your name. Adding your name to a title on a vehicle that is financed is not possible without refinancing the car loan. Refinancing a loan for a car requires applying for a new loan and being approved but will also add your name to the vehicle's title. Instructions...

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Financing for Buying a Car

You may need to borrow money to buy the car you want. If this is the case, you have several options when it comes to choosing the right type of financing for the job. Shopping for financing before the car and looking at the costs involved can be beneficial to the process. Financing First Shopping for financing before you shop for a car can help you get the best deal. Many consumers make the mistake of simply walking into a car dealership without doing any research or shopping around first. While you could get financing from the dealer,...

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What to Do at the End of a Car Lease?

Leasing a car can be a way to get a more affordable payment on the car you really want. At the end of the lease, you are faced with a few options. Since you do not own the car, you have to decide what to do with it and whether you want to get another vehicle. Walk Away One option that you have at the end of the lease is to walk away from the car. Once the lease is completed, you have no further obligation to the car or to the agreement. You can simply decide to drive the car back to the dealer, hand over the keys and then leave. If you...

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How to Get Your Ex-Wife Off of Your Car Note

Your car note, also known as a car loan, is a contract between you and the lender. If your ex-wife's name also appears on the car note, she is part of the contract as well. Your divorce agreement will detail who gets to keep each piece of property and who is responsible for paying the loan. When you have to pay the car note, you must take your ex-wife's name off the note so she is not legally liable to pay that debt anymore. Instructions 1 Call your current lender, explain that you and your wife just divorced and ask whether the lender would...

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How to Buy a New Car Haggle-Free at the Lowest Price

Let your fingers do the shopping as you buy a new car haggle-free at the lowest price. Not to be outdone by the multitude of shopping sites online, car dealers not only offer their vehicles over the Internet but also give comparative prices. You may also go to a dealership that has a haggle-free policy if the dealership matches the price of the online quote. By investing some time in online research and securing advanced funding, the car-buying...

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Who Pays My Car Loan If I Die?

Your estate is responsible for paying your debts after you die. The creditor to whom you owe the car loan has the right to pursue repayment of the loan even following your death. Unless you have insurance to cover the outstanding debt, state law will determine in what order your debts get paid from money in the estate. Role of the Executor The executor of your estate will have the responsibility of paying your unpaid debts. It is the executor's...

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The Effects of Car Repossession

Nobody wants to get their car repossessed, but in some cases, people may find they have no other choice. Whatever the reason, when people stop making their car payments, the lender will come and repossess. The effects of car repossession are not only felt immediately by no longer having a vehicle, but for years down the road in regard to credit and interest rates on future loans. Credit A car repossession stays on your credit report for seven...

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What Happens to a Car Loan When You Die?

Although your family members aren't typically liable for your debts after you die, that does not mean that debts you owe die with you. Your car loan is a secured debt, and your lender holds the title to the vehicle until the loan is paid off. Someone must assume responsibility for paying off your car loan when you die lest the lender will seize the vehicle. Paying the Loan When you die, the executor of your estate will inform your creditors...

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Can I Use Any Loan to Buy a Car?

If you are like most U.S. consumers, an auto loan is needed to finance a car purchase. You can use a variety of loan types to finance an auto purchase. Generally, if you are approved for any loan type that provides the money needed to complete the car purchase, you should be able to acquire the vehicle. Due diligence is recommended before buying a car to ensure a thorough understanding of the loan terms. Secured Car Loans A secured car loan...

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Can You Get Out of Your Smart Lease to Buy a New Vehicle?

GMAC Auto Financing (also known as Ally Bank) calls its vehicle lease program a "SmartLease." The same lease restrictions and termination options apply to this type of lease despite its different name. GMAC often offers lessees an opportunity to terminate their leases without penalty in the event the buyer leases or finances another vehicle through GMAC. You might also have other options. GMAC's Pull-Ahead Program GMAC offers a pull-ahead program, which may allow you to get out of your SmartLease up to one year early. To find out if your...

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What to Know About Automobile Financing

Getting approved for automobile financing can prove necessary when buying a new car -- especially if you don't have cash to pay for a car outright. Acquiring a good deal on an automobile financing package impacts the monthly payment on the car loan. Before meeting with a dealer, educate yourself on different financing options available to you. Credit and Interest Rates Getting the lowest possible payment on your new auto loan involves having a good credit score. A good score persuades auto financing companies to assign a low interest rate...

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Will an Overlimit Credit Card Hurt My Auto Financing?

If you've recently gone over the limit on one of your credit cards, odds are you're a little embarrassed, a little disappointed and a little unsure of how this will affect the rest of your life. Exceeding your card's limit can affect many areas of your life outside of that one particular credit card. Depending on your situation, one of those areas may be your auto financing. Exceeding Credit Limits If you find yourself exceeding your credit limit, it might be a sign of a bigger problem. Unless a big purchase sent you over your credit limit,...

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What Do You Need to Know About Buying a Car?

There's nothing quite as intoxicating as the smell of a new car. It invites you to sit inside and go for a quick spin around the block. That being said, buying a vehicle is a big undertaking that will typically result in years of debt payments. It's important to approach the venture much like an investment. Asking a few simple questions at the beginning of the process can save you a lot of money as the years go by. Can You Afford It? This...

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Financing Options for Cars

A variety of lenders finance car purchases. Depending on your credit and whether you purchase a new or used car, you may benefit from pursuing a loan that targets your type of purchase and credit history. To determine where to apply for your loan, consider the different types of lenders available and which best suits your needs. Manufacturer Financing Manufacturer banks may offer a lower rate than traditional lenders if you purchase a new car, sometimes as low as zero percent. You can find rate incentives and term requirements advertised...

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What Information Do I Need to Apply for an Auto Loan?

To apply for an auto loan, you must submit detailed information about yourself and your finances to a lender. Lenders view your credit history, income and debt information to determine your lending limits and whether or not to extend you a loan. Have your information in order before you apply; you may have to do some research to provide the application information. Personal Information A potential lender requires your name, address, date of birth and Social Security or tax identification number to access your credit report. The bank uses...

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How to Give a Vehicle Back to the Bank

You're free to drive your car as you please, customize it to your specifications, and it's you who pays for the vehicle's gasoline, but until you make the final payment to your auto lender, you don't own your car free and clear. The lender's lien against the vehicle gives it the right to repossess your car if you start missing payments. The lender then sells the car in an effort to minimize its losses. Losing your car to repossession, however,...

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Insurance Advantages for Financing a Car Instead of Paying Cash

It is fairly common knowledge that a car is a depreciating asset. For this reason, some car shoppers opt to avoid financing vehicles and paying significantly more for them by the time loans are paid in full. However, paying cash for a vehicle is sometimes not possible, especially for late or new models, which can come with prices in the $20,000-or-more range. Financing, therefore, is a must for cash-strapped shoppers and can come with advantages....

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Selling Used Car and Liens

If you have a lien listed on your car's title -- signifying an auto loan provider has financial interest in the vehicle -- you probably can't transfer ownership to a seller. Very few states allow title transfers when a lien is listed on the title. Remove the lien from the title before you sell the car or obtain a proper lien release to give to the seller. Lien Release Obtain an original lien release from the title's listed lien holder. This document is an official letter from your lender; it lists the vehicle's information, such as year,...

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Ten Things to Know Before You Lease a Car

The next time you see a car you love in the showroom but can't afford the sticker price, ask the salesperson about the dealerships leasing programs. Leasing is not for everyone, but it is a way to drive off with a new car every few years for a cheaper monthly payment. If you're not familiar with how a lease works, there are several distinctions between a lease and a purchase. The Leasing Option If you don't keep a car for more than two or...

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How to Remove Your Ex Spouse's Name Off Your Car Loan

If you and your ex-spouse applied together for a car loan, you're both legally liable for making the payments. Your divorce, and the subsequent divorce decree, does not absolve your joint obligation to your lender. As long as the account remains in both names, any payments made will appear on both credit reports, and the lender retains the legal right to pursue both of you for missed payments. Because removing your ex-spouse's name from your...

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How to Make an Agreement on Taking Over Car Payments

Typically, it is best if the person purchasing your car obtains his own financing for the vehicle. However, if the buyer cannot qualify for a loan and you still wish to sell him the car, you can work out an arrangement where he takes over your car payments and the loan remains in your name. Written documentation of the agreement is essential to your legal protection if the car is in an accident. However, you remain liable to your lender for the balance owed if the buyer does not make his payments. Instructions 1 Contact your lender to make...

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How to Purchase a Used Car With Poor Credit

Auto financing is one of the easier loans to get with bad credit. This is because car loans are secured debt, debt where the bank can seize something you own (the car) if you default on payments. You won't necessarily get the best interest rates or be able to afford the nicest car, but getting financing shouldn't be a problem. Instructions 1 Look at your personal finances, including major regular expenses such as rent and your usual monthly income. Decide on a monthly car payment of no more than one quarter your income after expenses. ...

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What Is a Guaranteed Auto Loan?

Some people consider having a car a necessity. If you have a poor credit history, you may not be able to buy any car you want. However, many dealers offer guaranteed auto loans. Understanding how these loans work is essential before committing yourself to anything. Guaranteed Auto Loans A guaranteed auto loan is extended by an auto dealer to its customers. In most cases, the auto dealer deals with used cars. With this type of loan, you can get approved for financing, regardless of your credit history. You could have a recent bankruptcy,...

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What Happens If I Refinance My Vehicle?

The process for refinancing an auto loan is similar to taking out the original loan. A lender will check the borrower's credit rating and income, just as lenders do when borrowers take out other loans. You should consider whether refinancing an auto loan is worth the effort by determining whether you would gain any significant benefits from the refinanced loan. Process People who refinance their cars are taking on a new loan. The lender who approved the refinancing will pay off the balance on the old loan and issue a new one which includes...

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How to Transfer a Car Loan to Another Person

You can't simply transfer your loan to another person. Instead, the person who wants to take over your car payments must either apply for your loan's payoff amount alone or with you as a cosigner if he can't obtain approval. Lenders base loan interest rates and terms on individual credit history, income and debt. Also, most states require that a new owner pay taxes on a vehicle purchase. The person to whom you want to transfer your car payments may apply to your current lender or to another lender of his choice. You must satisfy your current car...

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When Can a Car Be Repossessed in South Carolina?

State laws establish the rights consumers have when their default on their vehicle loans. As collateral for a loan, the borrower of a car loan gives her lender a right to repossess her vehicle if she defaults on her loan. In South Carolina, before a lender can repossess or reclaim its property, it must provide the borrower with advance notice and a right to cure her deficiency before it can proceed with repossession. Notice Title 37 of the South Carolina Code establishes when a lender can repossess a vehicle. Lenders must provide defaulting...

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Can a Car Be Repossessed for Failure to Pay Insurance?

To determine if your lender can repossess your vehicle for failing to maintain an insurance policy, read your loan contract. Maintaining full-coverage insurance is an auto loan requirement, but lenders differ on penalty actions. Some lenders may choose to automatically add an insurance policy to your loan account, which raises your loan payment. Lender Penalties Your lender's penalty for not maintaining insurance is stated in your loan contract. Your lender may repossess the vehicle or choose to add its own insurance coverage. If your lender...

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How to Finance a Used Car in Los Angeles, California

If you need to buy a used car in Los Angeles, California, you do not need to save up all the cash for the purchase. Regardless of where you are purchasing your vehicle, you can attain financing from a local or national financial institution. Before applying for financing, you can check the average interest rate for used-car loans in your zip code on Bankrate.com. Doing this allows you to recognize a good financing offer from a bad one. Instructions 1 Fill out a finance application with the car dealership, if you are purchasing from a dealer...

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How to Keep a Leased Car After the Lease Expires

Just like a favorite t-shirt or old pair of tennis shoes, a leased car can be difficult to get rid of. After all, they are comfortable, worn in and contain memories. But there is no requirement you discard the car. Options exist to keep a leased car after the lease expires. Rather than break in a new car, explore these options to keep your leased car. Instructions 1 Read your lease contract. Find the clause that contains the residual payment...

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How to Buy a Car as a Married Couple

Buying a car as a married couple and putting both names on the auto loan can increase purchasing power. This is because lenders factor in both incomes when determining an affordable amount. But before you can obtain a joint auto loan, you must provide your lender with specific information to determine if you qualify for financing. Instructions 1 Include both names on the auto loan application. Listing one person's name makes this individual...

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No Money Down in Car Buying

People who buy new cars without making a down payment can get themselves into financial problems as the value of their vehicles drops. Car shoppers usually consider whether they can afford the monthly payments on an auto loan. However, they also should consider whether the lack of a down payment will leave them owing more on their cars than they're worth. Costly Deal It may seem ironic, but no-money-down deals can be the worst car deals for people on tight budgets to make. Consumers' monthly payments are automatically higher when they don't...

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How to Do Name Changes on Car Titles

When cars are bought from dealers, each dealer must prepare the titles and forward this information to the finance company. The finance company retains the title until the borrower pays off the balance. Upon selling the car to a new owner, the original owner must change the name on the title to transfer ownership to the buyer. Instructions 1 Refer to the back of the car title and look for the section that pertains to ownership transfers. 2 Sign your name as the seller. Doing so indicates your willingness to transfer the title. Include...

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How to Calculate Your Car Note

Before you go car shopping, you should determine how much car you can afford. Achieving a monthly payment that works in your budget is a car-shopper's goal, and understanding your spending limits before shopping will save you from falling in love with an automobile you can't afford. The basic principle of calculating interest on loans is to multiply the principle amount of the loan times interest rate times the number of months financed, but in reality, all sort of nuances come into play with an actual loan calculation. Instructions 1 Pull...

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Do Repossessed Cars Affect Credit?

Your payment history and lines of credit, such as car loans or credit cards, are reported to the credit bureaus and affect your credit score. Late payments occurring before repossession are reported to the credit bureaus and reduce your credit score. A repossession, once reported to the credit bureaus, quickly decreases your credit score and increases your lending risk. Late Payments and Repossession Your credit report shows the amount you owe toward your car loan, the number of payments you've made and the number of days your payment was...

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Early Termination of Car Lease

Leasing a new car can give you the opportunity to get the car you want for a payment that you can afford. In some cases, after taking out a lease on a car, you may want to get out of the contract early. This can cost you money and it could hurt your credit. Walking Away from the Lease Some people in this situation simply walk away from the lease. They drive the car back to the dealership, hand over the keys and then stop making lease payments. While this will work, it also can damage your credit significantly. When this happens, it is reported...

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