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Thread: How to get out of this car loan?

   
   
  1. 01-04-2011, 02:11 PM #1
    venom182
    venom182 is offline White Belt
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    Question How to get out of this car loan?

    State: FL

    Story: My uncle was trying to build his credit and needed a car, if he got the car himself he was going to pay crazy amounts of $$$. So he asked me to co-sign. I did, only to find out later that I was the Principal and not the co-signer. SETF said we could refinance 6 to 12 months down the road and pass the title to my uncle completely.

    Well, my uncle moved back to South America and is staying there. I now have 2 car loans (my personal car and this second car). Fortunately there is someone that wanted a car and is taking care of the payments.

    I want to know how I can transfer this debt completely to this new person? Is refinancing the option?. The lender is Southeast Toyota Finance.

    Also, what I need to represent my uncle. A notarized letter?
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  2. 01-05-2011, 01:27 PM #2
    Magic69's Avatar
    Magic69
    Magic69 is offline Green Belt  
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    The easiest way to unload the debt would be to sell the car to whoever is currently making the payments. If the loan is assumable (check with SETF), then that party could potentially assume the loan as another option. Those are the only two methods I know of.

    For your uncle's part, a power of attorney should do the trick. When it comes to time to sell, the closing agent will be able to tell you exactly what is needed.
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