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Should I transfer title into my name to apply for a secured loan? She was denied with me as cosigner?
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My fiance recently applied for a secured loan using her paid off vehicle as collateral and I cosigned on the loan. She was denied. I have decent credit(no negatives and a car loan that I’ve paid on time for the past 20 months). Should we transfer the title into my name so I can apply for the loan myself.
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2 Comments
April 13th, 2009 at 7:09 pm
Don’ bother. If she was denied with you as a cosigner, YOU were denied the loan. If they even ask for a co-signer, the ‘primary’ borrower has already been denied and the so-signer is the one actually applying.
April 14th, 2009 at 5:07 am
if you trust her and can afford it, maybe. it is risky though. i see couples who do stuff like this and then break up on judge judy all the time. if the car’s in your name, you alone will be responsible for the payments. your credit is on the line. if you break up before the lease/loan is over (and the stats are against you here) you’ll be stuck with two cars, assuming she doesn’t try to keep it. could be bad if she has an accident too.
if you do go thru with it, have her sell her previous car and YOU keep the money. that way you’ll at least know some payments will be covered if she stops making them.