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Question about car loans/co signers.

Ok when I bought my car three years ago I really didn't have any credit (all I had was a credit card and a cell phone - I was only 19). Anyhow, when I bought it, my dad was the signer and I was the co-signer, we did it like that to get a better interest rate. My question is, with my dad on the loan, can I go trade in my car without him, or does he have to sign the paperwork?

 
FatGirl239

Asked by FatGirl239 at 4:25 PM on Jul. 20, 2010 in Money & Work

Level 19 (8,098 Credits)
This question is closed.
Answers (4)
  • No. If the car payments are in YOUR name and as long as you are the one making the payments, then it's your car. My mother did this for me when I graduated from college, because she had established credit, and I didn't, and we got a better loan rate. I had no trouble rolling the remainder of my car payments into my home mortgage a couple of years later and buying a newer car. :o)

    the only thing co-signing does, is make the primary credit holder (your father) responsible if you default on your payments..then BOTH of your credit scores would be negatively affected.
    LoriKeet

    Answer by LoriKeet at 4:38 PM on Jul. 20, 2010

  • He will probably have to sign the paperwork. It depends if the title says and or or in between your names.
    JessWulf84

    Answer by JessWulf84 at 4:33 PM on Jul. 20, 2010

  • If the car is paid off and the title is solely in your name, you can trade in your car without him.
    tasches

    Answer by tasches at 4:38 PM on Jul. 20, 2010

  • He has to go with you. He has almost all power over that car. :-( My mom was a co-signer on my car.
    renea20

    Answer by renea20 at 4:27 PM on Jul. 20, 2010

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