co-signer

[svtfever]

This is embarrassing but I need some input from the experienced here. Situation as follows...

Wife has a truck that was purchased for her and she is the co-signer on the loan but her mom is the primary. I believe that her mom is not on the title though, to the best of my knowledge. Her mom wants nothing to do with the truck, wife just needed a better credit score in front of hers to make it work.

I have read mixed things online about trading a car/ truck in and needing a co-signer signature or POA. My question is if her mom is not on the title itself and only on the loan, can she trade it in since dealer would be paying it off. We live in TN, not sure if that matters or not.

Some things I have read state that no trade or sale allowed w/o co-signer if co-signer is on the title, but what if they are not and only loan itself?

I can tell you that the statements are mailed as her "AND" her mom and not "or". I still need to call bank to confirm title but wanted some insight if possible. Her mother lives across country and they don't get along to well anymore.

Sponsored

 

[Khyber]

surprising she's not on the title for it but is on the loan. wish i could offer more help but we are a lean state, not a title state so don't get title on cars here until they are paid off...but here if it's only one person on the title then that's all you need. If it's two people then both need to sign the title if it says and or if it says "or" then just one.

no clue with your state as it will vary.

 

[moates88]

To my knowledge, she should be able to trade the truck in since it's her name on the title. I had a similar situation happen when I bought my mustang, my mom was a co signer on my previous car and she was on the title and had to have her sign something to trade it in. So I'm pretty sure your wife is able to trade. It's all about who's name is on the title from what I understand

 

[Varekai]

My first Veloster I had my mother co signed because of my credit score, and she was the primary. All the letters for it that came in were under her name. But when I traded up to the Turbo Veloster she didn't have to sign anything, nor was it ever brought up at the dealership.

Sponsored