Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Need a finance expert

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  • Need a finance expert

    So my question is this...Does anyone know of a bank that will refinance an auto loan into a persons name that is not on the original loan?

    Here is the backround.....

    When it rains is pours. Exactly ONE week before our discharge was set to happen my sons car was stolen and recovered in the same day. Unfortunately the idiot who stole the car did enough damage to total the darn thing. It was devastating to my son because he saved and bought that car with his own money. Anyway the insurance paid him pennies for it since it was an older vehicle and he held liability only.

    In a panic to get him a new car and back to school after the Xmas break I decided I would finance a car for him as soon as I received my discharge papers. He is in college and needs something reliable and honestly we just did not have the time to invest in looking for another clunker. Dec 26th, I got the email from my Attorney (the best part of this whole fiasco) so off the to dealer we went. He settled on a Kia Optima for $12,000. I thought that was conservative enough and with the little money from the insurance we had as a down payment I could get a somewhat decent rate. Well.....they got me. Hours later we left with a 20% rate. The dealership felt it would be best to list my son (he is 18 and does work) first on the loan and me as the co-buyer. This is the HIGHEST rate I have ever had in my entire life on anything. But I felt and still feel that I can definitely handle the payment...its doable, and i'm glad I will start re-building my credit and he can start to build his credit as well. However I just cant get passed the interest rate and how terrible it is.

    So today I checked mine and my husbands credit scores on Credit Karma. For whatever reason his is considerably higher than mine (both filed Ch-7 at same time). So we did the Cap One Auto refinance (pre qualifier) in his name and he was pre-qualified for 8%. However the problem is that he cannot refinance the loan solely in his name because he was not on the original loan. The only reason he is not on it is because he was not with us that day and I never imagined his credit would be any better than mine. We tried it with him and my son or him and myself but both times it did not pre-approve. This is beyond frustrating to know we could have gotten a much lower rate. I called the dealer and the loan is already with the bank they choose (Santander) for funding and they tell me there is nothing they can do about it.

    Does anyone have any suggestion on other banks that may help us? Or should I just suck it up and live with this loan?

  • #2
    If the dealership is changing the terms of the loan, why didn't you bring the car back and say "no thank you?" Yes, you cannot "refinance" a car that you don't own yourself. Your son would need to qualify for a loan on his own, or you guys can just refinance the loan as soon as it closes (it can get complex but I don't know anything that prevents such a refinance).

    If you don't want to refinance in the near term, certainly refinance in 6 months when your scores are even better.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


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