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how can i transfer a car loan to someone else if the car has negative equity?
In November of 2007, I had a car financed for my boyfriend at the time. He pays the note and insurance (which is still in my name) on time every month. We have since parted ways and I no longer wish to be the legally responsible party on the car and it's insurance. The car is in negative $8000 equity and we are looking for a way to transfer everything into his name. We live in Louisiana and the finance company is more than willing to help us, however Louisiana law will not unless we refinance the car together. Is there a way to have him legally take over the notes?
Without him getting financed himself, you're probably not going to get this accomplished. He would have to get financed for the whole amount, then "buy" the car from you. if he cannot do so, he needs to have someone else (a parent, guardian, other friend) do it for him.
I take it that his credit is bad... hence you taking on the note yourself.
If you went to court over this, it would come down to "who has the car in their possession".
You have 3 choices:
1) The ex can buy it from you by taking out his own loan (from Capitalone.com for example).
2) The ex can trade the car in for another car and take a loan in his own name. He'll be responsible for any negative equity.
3) He can continue paying you each month. But I can understand why you would not want this as he can easily walk away and not be responsible.... but this may be your only choice if #1 and #2 do not work.
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