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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?


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.

    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.

    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.

    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.

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