hello, i have a question here. if two people are listed on the loan and the title of the auto loan, can one refinance the car or take the car w/o the other persons approval if two people are legally the owners?
does it matter if one is the co-signer?
this is what happened. we switched the names around on the loan so that i could get a better rate, therefore making me the co-signer. i will be making the payments on the car. he keeps telling me that he can take the car and refi or keep the car because he can make the payments on it. but both of our names are on the title and the loan but me as the co-signer on the loan. now hes threatening to refinance the loan and take the car back from me and i wanted to know if this was legal. where can i get some free legal advice incase he tries to get the car?
i guess i should add that nothing is past due. i make the payments
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Usually no. But if the title said you OR the someone else as some states do then yes both have full ownership and can do as they please for the most part. Not too smart of a bank to refi a car someone doesn’t wholly own though as you can still lay claim to it.
no
No. You both have to do it. No one will refinance you without the other person’s consent.
not without the other person on the title signing off of the title and the bank approving taking their name off the loan, it’s easiest to just get permission from the other person on the title/loan and draw up a private contract about the loan between the two of you
The first answer is correct. If the tile reads
Mrs Anybody OR Mr. Anybody, then either of you can make any change you want to the ownership of the vehicle.
If the title reads:
Mrs Anybody AND Mr. Anybody, then you BOTH have to sign the title to sell or transfer it. Even to each other.