topic Auto loan in someone else's name in Auto Loans

Auto loan in someone else's name

cantwininde — Sat, 24 Sep 2011 00:58:56 GMT

I currently have an auto loan that is in my mother in law's name. She signed for it 3 1/2 years ago, however, we have made every payment on it. We really need to trade it in and get something else. Our credit is no where near great, working on rebuilding. Is it possible we could prove to the auto loan company that my husband and I make the payments (always paid with our debit card/check). Do you think they will switch it into our name? Or maybe will it help us get approved for something else?

Re: Auto loan in someone else's name

Creditaddict — Sat, 24 Sep 2011 05:37:19 GMT

What kind of car and how much you still owe?

I think with scores under 600.... umm you could try Capital One, they have a secondary company but you could be looking at interest rates 20-23%

Nissan tends to be leinant but not sure below 590.

Toyota is also pretty lenient.

I got approved through Carmax with Santander, I don't know if they used auto enhanced.. I would assume and that was below 600, if they used regular fico it was about 640.

Who do you bank with?

A credit union would be the only kind of lending that MIGHT take your receipts for paying to overlook some of your other credit issues but just not sure that far.

What's got you so far down on score?

Re: Auto loan in someone else's name

GregB — Sat, 24 Sep 2011 14:25:06 GMT

@cantwininde wrote:
I currently have an auto loan that is in my mother in law's name. She signed for it 3 1/2 years ago, however, we have made every payment on it. We really need to trade it in and get something else. Our credit is no where near great, working on rebuilding. Is it possible we could prove to the auto loan company that my husband and I make the payments (always paid with our debit card/check). Do you think they will switch it into our name? Or maybe will it help us get approved for something else?

NO and NO.

When you bought the car originally, you might have been able to do it in your name with her as a cosigner.