My mother is in a lot of credit card debt, and my car is still under her name being financed. My question is if things go bad, can the credit cards take my car? Please keep in mind the car is financed by chase and none of the credit cards are chase. What is my best option? Should I try and get an auto loan and have the car transferred over to me? Also keep in mind i have good credit for my age but i don’t have a source of income as i am still a student so i wont get the best of interest rates.
Thanks for any reply!
I have a job?
I am about to graduate and have a job lined up but no income at the moment to qualify for the loan
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How will you pay even if the car is transferred to your name?
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If the credit cards dont get paid they will go to collection agency. They cant take a car. The only ones that can take back the car is the place you have it financed and it is not being paid.
I dont believe the credit card companies who have nothing to do with her car can legally take it.
No, they can’t take the car. No, you won’t get a loan without an income.
If she makes the car payments each month, your cool. Get a job doing anything. Part time is okay. Help mom out a little.
If the amount is big enough and you have enough equity in the car to make it worthwhile, then yes. They can’t “repo” it but they can get a judgment against you. Then they can put a lien on the car. Then they can pay off the car loan lien and seize the car for the difference. Alternatively, they can put a lien on the car and then just sit and wait until it’s paid off, then seize the car.
Even if they could take the car, it would not happen immediately. The best option is probably to wait until you start the job, and then obtain the loan in your name.
No they can’t take what she doesn’t own and she doesn’t own the car. Chase already has a lien on the car until the final payment is made. You need to work quickly to get that car into your own name. Once it’s paid for they could try and take it.