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i want my car to my name

Contributor

i want my car to my name

hie

i have a big question.my friend bought a car for me and i m paying for it.i had a bad credit so he helped me out of it.However i want to get it to my name.my credit is better now.i just got approved for capital one blank check thing up to 30000 12.63 APR.My question is HOW CAN I GET THIS CAR LOAN TO MY NAME?WHO CAN APPROVE ME?I HAVE A 600 FICO SCORE.

THANKS.

2 REPLIES
Moderator

Re: i want my car to my name

I don't know for certain, but if you're not on the original loan at all, I think you need to get a private party loan and then "buy" the car from your friend.

 

Not certain how else you will be able to arrange it.  Alternatively sell the current one and go buy another if you're not underwater would be my recommendation as it's likely easier to go that route.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Valued Contributor

Re: i want my car to my name

If you just got approved for the Capital One blank check, you could use it by giving your friend's auto finance company the check in the amount of the payoff amount for your car and then it is transferred over to your name through Capital Auto Finance and your friend's loan is paid off and his account is closed.. It is called buying through a private seller. I'm sure there is some paperwork involved to do it so you will need to research the proper way it is done. Now, Capital One may have stated that the check is only good at participating dealers, so you will need to call them to make sure you can use the check to buy from the private seller.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014