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  1. #1
    Join Date
    Apr 2011

    Default Car Loan from Dealer

    My question involves a consumer law issue in the State of: California

    My dad has a car loan on a car that i have been paying for. We have 3 years left on the car. My name was not on the car loan at the time because i did not have any credit. Now i have good credit and would like to co-own the loan with my dad to further my credit score. FYI my dad has excellent credit. The loan is from Toyota dealership. Is it possible to add me under that loan, disregarding an increase in interest rate;if possible, will it enable me to add my name to the title of the car and register the car under my name? Also will i be able to take the car out of the state and register it with another state if the loan has not been finished being paid for?

    Thank you

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Car Loan from Dealer

    You will have to discuss with the lender whether they're willing to add you to the loan and, if so, whether that would affect the interest rate.

    Given that your lender has a lien on the vehicle, your father will need to work things out with them as necessary to get their cooperation with a transfer of title to you (or jointly to him and you).

    You will have to check the financing contract to see if it includes a provision about relocating to another state.

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