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

iOneStone
Valued Member

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

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

Message 1 of 4
3 REPLIES 3
Gmood1
Community Leader
Super Contributor

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

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.
Message 2 of 4
workingfor850
Valued Contributor

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

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?

Message 3 of 4
iOneStone
Valued Member

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

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

Message 4 of 4
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