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LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 26303
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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My wife and I are trying to buy a house. Her credit is

Customer Question

My wife and I are trying to buy a house. Her credit is better than mine so we're putting the house in her name, and thus we're trying to lower her debt ratio. One of our cars is solely under her name. I'm curious whether we can transfer the car to solely my name through refinancing? Or can we only do that if the car is under both of our names?
Submitted: 11 months ago.
Category: Legal
Expert:  LegalKnowledge replied 11 months ago.

Good afternoon. Is the loan on the car solely in her name? You said one of the cars is under her name, but was not sure if that is for ownership or on the loan?

Customer: replied 11 months ago.
The loan is solely in her name
Expert:  LegalKnowledge replied 11 months ago.
Thank you. It is unlikely that the finance company will allow it. The reason why I say this is because you are not on the loan so they would not allow the financial responsibility to simply be transferred to a third party. Yes, you are her husband but when you refinance you are essentially getting a new loan. A new lender/ finance company is coming along and paying off the old loan to the other coming and giving you a new loan under their terms. Unless you are going to buy it and take ownership solely in your name and transfer title as well it may not be allowed. Moreover, if the car is leases this will not likely be allowed so you want to speak with a new finance company and see about the transfer and getting a loan under your name if you can qualify
Customer: replied 10 months ago.
Just to be clear, if I'm able to qualify for an auto loan, we can refinance under my name? But does this constitute a new purchase?
Expert:  LegalKnowledge replied 10 months ago.

If you are buying the home solely in her name and you are not on the loan, then it would not have any negative effect if you were able to qualify and refinance the car, solely in your name and assume the financially responsibility. As I shared above, this MAY be a problem, because the car was sold to her based upon her credit and income so another lender or even the same one, may not allow you to assume the loan or refinance it in your name, since she was the security interest in the event of default.

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