Can my wife take over my car loan?

Can my wife take over my car loan?

Let's be clear: It's not possible for someone to “take over” your auto loan. Yes, you could go rogue, use someone else's money to make payments and allow that person to drive your car. But you open yourself up to potential liability, particularly if the other driver isn't an authorized one on your insurance policy.

Is buying a car for your wife a straw purchase?

A straw purchase becomes illegal if a borrower takes a loan on a car in his or her name and does not reveal that the car will be in the primary care and control of someone else. If this happens, the person with bad credit has no legal recourse because the finance contract is in the name of the straw purchaser.

How do I get my spouse’s name off my car loan?

You may be able to refinance a car loan in your own name to get your cosigner off the loan. In essence, you'll buy the car from your ex-spouse and go through the car buying process again. The spouse who is responsible for the car loan payments, the primary signer, should ideally assume credit liability for the loan.