How do I refinance a car loan into someone else's name so it can be their car?
Your first step is to talk to the current lender and ask about refinancing in the other person's name. The lender is free to say no, and if they think the other person is unlikely to pay it back, they won't refinance. If you're in this situation because the other person didn't qualify for a loan in the first place, the lender probably won't change their mind, but it's still worth asking. From the lender's point of view, you'll be selling the other person the car.  If they qualify for a loan, it's as simple as getting the loan from a bank, then doing whatever is required by your state to sell a car between either private parties or between relatives (depending on who the other person is). The bank might help you with this, or your state's DMV website.  Here are a few options that don't involve changing who is on the loan: Taking out a loan for another person is always a big risk. Banks have entire departments devoted to determining who is a good credit risk, and who isn't, so if a person can't get a loan from a bank, it's usually for a good reason.  One good thing about your situation: you actually bought the car, and are the listed owner. Had you co-signed on a loan in the other person's name, you'd owe the money, but wouldn't even have the car's value to fall back on when they stopped paying. The other person has to decide that they want to be wholly responsible for the loan, and they have to be able to qualify for the loan. They are in essence purchasing the car from you with the sale price being the remaining balance of the loan.  You will then use the processed from the new loan to pay the old loan off completely. They will then take the bill of sale to the state DMV/MVA to register the car in their name. You should have them start with their bank for a new car loan. "I don't know of any way to ""transfer"" a debt to another person without their consent or the lender's consent.  You are responsible for the loan, and you need to either pay it or give up the asset that it's tied to (the car). At least you weren't just a cosigner with no title to the car - then you'd be in worse shape.  If you don't want your credit tarnished, I would start (or keep) making the payments, knowing that you are getting the equity that results from the principal you're paying (you're only out the interest portion). If it were me, here are the things I would do:"
"The real answer is to talk to the bank. In the case of the last car loan I got, the answer is ""no"". When I asked them about rates, they gave me a printed sheet that listed the loan rates they offered based on how old the car was, period. I forget the exact numbers but it was like: New car: 4%, 1 year old: 4.5%, 2-3 years old 5%, etc.  I suspect that at most banks these days, it's not up to the loan officer to come up with what he considers reasonable terms for a loan based on whatever factors you may bring up and he agrees are relevant. The bank is going to have a set policy, under these conditions, this is the rate, and that's what you get. So if the bank includes the size of the down payment in their calculations, then yes, it will be relevant. If they don't, than it won't. The thing to do would be to ask your bank. If you're only borrowing $2000, and you've managed to save up $11,000, I'd guess you can pay off the $2,000 pretty quickly. So as Keshlam says, the interest rate probably isn't all that important. If you can pay it off in a year, then the difference between 5% and 1% is only $80. If you're buying a $13,000 car, I can't imagine you're going to agonize over $80. BTW I've bought two cars in the last few years with about half the cost in cash and putting the rest on my credit card. (One for me and one for my daughter.) Then I paid off the credit card in a couple of months. Sure, the interest rate on a credit card is much higher than a car loan, but as it was only for a few months, it made very little real difference, and it took zero effort to arrange the loan and gave me total flexibility in the repayment schedule. Credit card companies often offer convenience checks where you pay like 3% or so transaction fee and then 0% interest for a year or more, so it would just cost the 3% up front fee." 1- Wells Fargo does not own our current mortgage.  They have bundled it and sold it as an investment. 2- They make their money from 'servicing' the loan.  Even if they only get $50 per month to service it (3% of our monthly payment), that adds up to $50,000,000 per month if they have a million homes under management.  That is $600 million per year for each million homes being serviced 3- Managing the escrow gets them additional profit, because they can invest it and earn 2-3%.  If 1,000,000 homes have an average balance of $2,000 in their escrow accounts, they can earn up to $60 per year, or $60,000,000 annually. 4- They make $1,000 every time they refinance the home.  This is the approximate profit after paying real closing costs.  Refinance those million homes, and you make a cool billion in profit! 5- They also want to be sure that they keep us as a customer.  By lowering our payment, they decrease the likelyhood that we will refinance with someone else, and we are less likely to default.  (Not that they lose if we default, because they don't own the loan!) 6- they make additional profit by paying off the old loan (they don't own it… remember), then packaging and selling the new mortgage.  Since they are selling it as a security, they sell for future value, meaning they sell our $200,000 loan for a valuation of $360,000.  This means that they sell for $200,000 PLUS some fraction of the additional $160,000.  Let's say they only want a 10% premium of the $360,000 valuation.  That means they sell our $200,000 loan for $236,000.  They pocket $36,000.  If they make a million of these transactions every year, that is $36 billion dollars in profit So… Wells fargo refinances one million homes every year, and they make: $36,000,000,000 initial profit for selling the loan (with absolutely no risk!), plus $1,000,000,000 for doing the loan $660,000,000 annually to service the loan (Very little risk, since it is being paid by the owner of the loan as a service fee) If they can retain the loans for their entire life (keep us from refinancing with someone else…), they can make $19,800,000,000 (that is 19.8 billion dollars in servicing fees) The profit they make in a refinance is much greater than the money then can make by holding the loan for 30 years. Carmax will be interested in setting a price that allows them to make money on the reselling of the vehicle. They won't offer you more than that. The determination of the value compared to the BlueBook value is based on condition and miles. The refinancing of the auto loan could lower your monthly payment, but may not save you any money in the short term. The new lender will also want an evaluation of the vehicle, and if it is less than the payoff amount of the current loan they will ask you to make a lump sum payment. This is addition to the cost of getting the new loan setup. If you can pay the delta between the value of the car and loan then do so, when you sell the car. Don't refinance unless you plan on keeping the car for many months, or you are just adding paperwork to the transaction. "Don't listen to the retarded ""do-gooder"" idiots on this site who think she shouldn't reneg because of some honor or morality bullshit.  You have a contract between two people.  It states what will happen when you pay (keep car) and what will happen when you don't (they take car). Defaulting isn't an inherent bad thing. There are consequences for it.  If you decide to default or to not pay a loan and you're ok with the consequences then do it. The person writing the loan knows the risk they're getting into and they're ok with it. So do what is best for you.  As for your original question, sorry I don't have an answer.  I don't think anything will happen to her in the U.S. but she might have trouble later on if she decides to move back to Japan or even visit Japan.  Or her family may be held accountable for it.  No idea.  I don't know how Japanese laws works. Hopefully someone here will help but the best thing would be to talk to a lawyer in both the U.S. and in Japan." "If your fiancée took a title loan out on your truck you won't be able to trade it in for another vehicle until you pay the loan. The dealer will likely take your ""slightly newer"" truck back because you won't be able to produce the title for the trade until the other debt is settled. Title loans are a terrible idea. You should probably try to pay that loan off as quickly as possible regardless, because interest rates are terrible on these loans.  I will update this answer if you add details about the circumstances of the current loan on your truck." There are a few things you should keep in mind when getting another vehicle: DON'T use dealership financing. Get an idea of the price range you're looking for, and go to your local bank or find a local credit union and get a pre-approval for a loan amount (that will also let you know what kind of interest rates you'll get). Your credit score is high enough that you shouldn't have any problems securing a decent APR. Check your financing institution's rules on financing beyond the vehicle's value. The CU that refinanced my car noted that between 100% and 120% of the vehicle's value means an additional 2% APR for the life of the loan. Value between 120% and 130% incurred an additional 3% APR. Your goal here is to have the total amount of the loan less than or equal to the value of the car through the sale / trade-in of your current vehicle, and paying off whatever's left out of pocket (either as a down-payment, or simply paying off the existing loan).  If you can't manage that, then you're looking at immediately being upside-down on the new vehicle, with a potential APR penalty. An auto title loans are typically utilized by those that wish to obtain a funding with bad credit rating or no credit in any way. An auto-mobile title lending frequently called a vehicle title lending or merely title funding as well as pink slip funding’s. You merely should have a vehicle that is paid off or nearly paid off and also you could make use of the auto title as security to obtain the cash money you require, enabling you to continue driving your vehicle while paying your loan.   Get Auto Car Title Loans Torrance CA and nearby cities Provide Car Title Loans, Auto Title Loans, Mobile Home Title Loans, RV/Motor Home Title Loans, Big Rigs Truck Title Loans, Motor Cycle Title Loans, Online Title Loans Near me, Bad Credit Loans, Personal Loans, Quick cash Loans  Contact Us: Get Auto Car Title Loans Torrance CA 1148 W Clarion Dr, Torrance, CA 90502  Phone : 424-306-1531 Email : atltorrance@gmail.com http://getautotitleloans.com/car-and-auto-title-loans-torrance-ca The car deal makes money 3 ways. If you pay in one lump payment. If the payment is greater than what they paid for the car, plus their expenses, they make a profit. They loan you the money. You make payments over months or years, if the total amount you pay is greater than what they paid for the car, plus their expenses, plus their finance expenses they make money. Of course the money takes years to come in, or they sell your loan to another business to get the money faster but in a smaller amount. You trade in a car and they sell it at a profit. Of course that new transaction could be a lump sum or a loan on the used car... They or course make money if you bring the car back for maintenance, or you buy lots of expensive dealer options. Some dealers wave two deals in front of you: get a 0% interest loan. These tend to be shorter 12 months vs 36,48,60 or even 72 months. The shorter length makes it harder for many to afford. If you can't swing the 12 large payments they offer you at x% loan for y years that keeps the payments in your budget. pay cash and get a rebate. If you take the rebate you can't get the 0% loan. If you take the 0% loan you can't get the rebate. The price you negotiate minus the rebate is enough to make a profit. The key is not letting them know which offer you are interested in. Don't even mention a trade in until the price of the new car has been finalized. Otherwise they will adjust the price, rebate, interest rate, length of loan,  and trade-in value to maximize their profit. The suggestion of running the numbers through a spreadsheet is a good one. If you get a loan for 2% from your bank/credit union for 3 years and the rebate from the dealer, it will cost less in total than the 0% loan from the dealer. The key is to get the loan approved by the bank/credit union before meeting with the dealer. The money from the bank looks like cash to the dealer.