@Anonymous wrote:
Hi everyone,
So my partner and I are looking to get a house soon. I will not be on the mortgage but she will. She has a car loan on her 2015 Beetle. Our realtor suggested that she transfer her loan under my name so that she can qualify for more mortgage.
The thing is, I am on my dad's insurance. (I am 22)
If I transfer under my name, I will need to get auto insurance also. I am insured on my dad's policy for my 2002 avalon. And i plan to get a whole other auto insurance for 2015 beetle. My question is will my dad's insurance company find out about this anyhow?
You don't really want to mess around with insurance companies because while they may not find out about it right away when you go to file a big claim they will take a close look at everything. We had a car stolen, it was a third car and Allstate conducted a very intrustive investigation into our personal business to insure that we did not commit fraud, it was clear they were looking for a reason to not pay the claim. The other factor is that the lender who has the iien on your partners car will require proof of insurance or if it goes under your name the same will be applicable so what you would need to do is determine if you can get qualified to buy her car and then buy an auto insurance policy on both cars. I assume she needs the loan off of her credit for debt to income reasons? If you go this route I suggest working with one of the credit unions for the best rates on car loans, DCU, Penfed or NFCU are the favorites here.
