How to Refinance a car -Transfer from Brother's name to my own

[Anonymous]

Hello everyone,

I have looked and have not yet located an answer to my question.

Does anyone know how I might go about refinancing a car loan that is under my brother's name and transfering it into my name?

He helped me out when I got into a major accident and totalled our car, and we were in the middle of bankruptcy and had no other options.

His credit is/was abysmal, and so the rate is 17% on a used Mazda 2.

I want to refinance it under my name, as I've been making the payments and my bankruptcy discharged on March 4th.

But I have no idea on where to start, I am a member of Navy Fed, PenFed and a couple other credit unions.

Capital One Auto pre-qual says I'd be in the range of 10% APR for a used car through their dealers.

So I know the general range I'd be in. I just don't know how to initiate the process.

Any help would be greatly appreciated!

Thank you

[Gmood1]

I've dealt with both Navy Fed and Penfed buying from a friend and transferring to one of the kids using Navy Federal.

First you need to find out if they'll pre-approve you for the amount of money needed to pay off the loan.

Navy Fed will send a check in you and your brother's name.
The step daughter and I both signed it.
I deposited the check in my USAA account. Paid the vehicle off in full through an ACH payment.

Penfed mailed me the title. I gave the title to my step daughter and a bill of sale. She took that title to a Navy Fed branch, where they handled everything else. It was a very simple process. Her auto payments were already setup before the check arrived.

Your brother will sign the title over to Navy Federal or whoever the lien holder will be.

[Anonymous]

This would not be a refinance, it would be a purchase because legally you are two seperate parties.  Should be pretty simple because its just the matter of purchasing the car from him and getting a loan to do so.  Are you on the title, registration or the current loan at all?

[Anonymous]

Thank you, I only realized that once I read your reply.

My name is not on it, I only pay the insurance.

It's all under my brother's name.

So I should ask PenFed and Navy Fed about what I qualify for, for financing I guess.

Thank you for your help,

Neo