Wachovia asked for auto insurance under my name to be approved for refinancing

[Anonymous]

Hello,
I recently applied for refinancing for my car through Wachovia and I got approved but they required me to have the car insurance under my name b/c they want to make sure that I am the driver of the car. (I bought this car for my parent so the insurance is not under my name but my parent. I am wondering if that's true with other banker? and Is refinance hurt my fico score?

Thanks,

[Anonymous]

I had a similar thing- I headed it off by having mom (MIL) on my car insurance-

Actually she STILL IS -

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NeedHelp wrote:
Hello,
I recently applied for refinancing for my car through Wachovia and I got approved but they required me to have the car insurance under my name b/c they want to make sure that I am the driver of the car. (I bought this car for my parent so the insurance is not under my name but my parent. I am wondering if that's true with other banker? and Is refinance hurt my fico score?

Thanks,

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[Anonymous]

Does a new Auto loan hurt your score?

Depends-

Most people take a small hit for the INQ and change to avg age-

Recovers in about 6 months-