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New loan only....factory offers....
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Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 26 Aug 2006 12:32:06 Share Post by Email
In Reply to: GMAC loan transfer, 93SCAERO, Thu, 24 Aug 2006 06:00:45
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Leases are assumable, loans are generally not. Any change in the ownership requires a new loan.

I assume the car is not registered in your name? Normally only the person on the loan is allowed on the registration. Dunno' about your state laws and community property laws, dunno' if there is an exemption from the tax and license required for her to sell or transfer the car to you and pay off the old loan.

Your divorce attorney would/should/might know. Friendly break up or not, I would certainly consult an attorney to protect yourself.

Is she giving you the car for the loan balance, so to speak? And is that a fair or required deal? Maybe you'd be better off starting fresh? Dealer lenders specialize in "fair" credit, but your not buying from a dealer so it's somewhat more challenging to find a lender in the "fair" credit range who isn't dealer exclusive. Some credit unions have fair rates for only "fair" customers, others only do the good folks with no higher rates for riskier customers, but either way credit unions are the biggest auto financers accessible to non dealers and credit unions no longer have a qualifier for membership, like employment, other than geography.

By starting fresh I mean that many car companies, Saab included, make their 0%, or special CPO rates and lease offers availible to "fair" credit folks, not just the best customers. That is they do loans for the B and C customers too for factory offers, not just the A's, but whether "fair" is above or below C only you and/or a lender like GMAC could determine.
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