Financing through Toyota

[pandables]

Okay, so I am in a rough situation. When I bought my Yaris, I still owed about 2k on my previous car, so that got looped into my Yaris financing. Well, when I bought my car, I was listed as the co-buyer, the buyer was listed as my boyfriend. Yeah, I know, big mistake. However, it is registered and titled in my name. Basically, does anyone know how I go about refinancing my car so I am the buyer or what to do in this situation. I have never missed a payment, never late, and I usually overpay when I make a payment. However, I know my credit isnt as strong as his. I would like to keep my car or find someone else to take over the financing.. I just need advice on how to go about this.

Thanks!
Amanda

[33OH]

I'm in the same situation, except I'm "the ex-boyfriend."

I own my ex's 2007 Hyundai Accent, but she makes the payments.

Have you tried calling Toyota Financial and telling them the situation? If you could get him to sign off on it, and you qualify, they should swap the loan over.

[SpaceShot]

You might try talking to a local credit union about it.
Two of the big ones here actually advertise, `Don't trade your car, trade up your loan'.

You need to have pretty good credit to get the best rate, but even the average rate generally beats the dealer rate. They might not be able to get the boyfriends name completely off the title app, but where it is already registered in your name, they may be able to switch the buyer vs. co-buyer listing.
If it has been a full year of payments, you might be able to argue that the co-buyer listing was just to help build up your credit rating and now its no longer needed and you would like to change it.

Toyota financing might do it for you, but they won't have the same incentive as someone trying to scoop up the business.

[41magmag41]

If its titled and registered in your name and you make the payments, I think you will find the good payment history goes on both of your credit histories, so long as you are listed as co buyer. You are both responsible for the loan. Unless you can get a lower rate why would you want to take it over 100 percent?

[M4One]

My dad helped me co-finance my 2007 Yaris through Toyota. His name was on the title and insurance. I've been making all the payments and have a year and a little left before its all paid off. I just renewed my insurance and had my dad's name taken off the insurance and registration. It cost me new plates and without checking, I think $50 for the switch. It shouldn't be a big deal, but I don't know how it is in Ohio.

[firebob]

I would call the loan company and see if they are ok with him singing the car over to you. If they let you it will be a fee and that’s it. If they let you explain to him that he helped in bringing up your credit and if he signs off on it you will get more benefits with your credit score with out him.

If you have separated witch is what I think happened explain to him he is putting his name at risk if you forget to pay on month for 7 years past that date.

I guessing you have made 6 payments on the car so the loan will be some what of a lower risk with the difference with the resale cost of the car to what is owned on the car.

If you made under 10 payments and refinance at 2.9% or more you would be at or higher of what the first loan was for. So this is a bad idea.

With every state being different I think it would be worth getting all the paperwork to together and talking to legal aid about what he has to stand on with the rights of the car. He might only be in this as far as I singed away the rights of my credit name but have no rights to anything else.

Do your research before you jump you might do more harm then good if you do something…

[pandables]

Thanks for your advice everyone.. Him and I have talked and so far he is okay with me remaining a cobuyer on the loan, since he knows I am responsible and I am not going to screw his credit over. The interest wasnt the best, its 7% I believe, and if I get his name off it might go up.. but again, I dont really know. Im just worried that right now things are still okay between him and I (we did break up), but in 6 months, if he hates me, I'm worried that things will get messy. I guess the biggest benefit is the title is in my name and not his. I dont want to give up my car, but at the same time it is hard still having him around and in my life. I guess Ill call Toyota financial and see what my options are. The worst that can happen is that they say Im not qualified to take over the loan or my interest is going to be higher. My credit isnt as good as his, but its also not terrible. They just recommended financing it with him as the buyer given my small down payment and still owing on my previous car. Another possibility is getting help from somewhere else. I am okay with having higher interest or longer payments, the biggest thing is I dont want this to be the thing that keeps him in my life for the next however many years. Peoples attitudes change and Im just not sure that I wont get screwed over in this deal.

[Forrest]

Go to other lending institutions, refinance a new loan in your own name and pay off th existing loan with your ex-co-borrower on it. Even if your interest is not the lowest, you would have a loan with just your name on it.