My question involves a consumer law issue in the State of: California
Hi everyone,
As you can all see, I'm new to this forum and looking for some help. I understand that the users of this site are not accountable for any advice given; I'm just looking for some guidance.
Background story:
In 2013, I had less than perfect credit and I needed a car. My grandfather, who was healthy at the time, offered to take the loan under his name. Honda would not allow for my name to be on the loan because of my bad credit and the fact that we lived in two separate houses.
I paid the down payment (no proof because I brought cash, unless the withdrawal statement counts as proof) and I've been making the monthly payments under my bank account on time, not that it matters toward my credit.
Basically, everything leads to the car being "mine", but not legally because the loan is under his name.
This month, my grandfather passed away and it came unexpected so there was no refinance, nor did he have a will and he does not have an estate.
Some other important facts:
* He has a surviving spouse, my grandmother, who is willing to sign off any paperwork to get to my name, if this is possible.
* My credit has improved significantly
* Lender: Honda Financial
Original Loan Details: $22K, 60 months starting 11-2013
Current Loan Details: $12.5K, 34 months remaining
I am wondering how I may procure this asset under my name. I have more than the majority of the balance in cash, however, I cannot come up with the remaining balance so an immediate payoff is not an option.
My understanding is that California is a community property state and that debt will transfer to my grandmother's name. I may be wrong but this is why I'm here.
My only option is to go through a financing company, however, how will the signing of documents work? Will I have to obtain the loan under my name with my grandmother as a cosigner?
Hi everyone,
As you can all see, I'm new to this forum and looking for some help. I understand that the users of this site are not accountable for any advice given; I'm just looking for some guidance.
Background story:
In 2013, I had less than perfect credit and I needed a car. My grandfather, who was healthy at the time, offered to take the loan under his name. Honda would not allow for my name to be on the loan because of my bad credit and the fact that we lived in two separate houses.
I paid the down payment (no proof because I brought cash, unless the withdrawal statement counts as proof) and I've been making the monthly payments under my bank account on time, not that it matters toward my credit.
Basically, everything leads to the car being "mine", but not legally because the loan is under his name.
This month, my grandfather passed away and it came unexpected so there was no refinance, nor did he have a will and he does not have an estate.
Some other important facts:
* He has a surviving spouse, my grandmother, who is willing to sign off any paperwork to get to my name, if this is possible.
* My credit has improved significantly
* Lender: Honda Financial
Original Loan Details: $22K, 60 months starting 11-2013
Current Loan Details: $12.5K, 34 months remaining
I am wondering how I may procure this asset under my name. I have more than the majority of the balance in cash, however, I cannot come up with the remaining balance so an immediate payoff is not an option.
My understanding is that California is a community property state and that debt will transfer to my grandmother's name. I may be wrong but this is why I'm here.
My only option is to go through a financing company, however, how will the signing of documents work? Will I have to obtain the loan under my name with my grandmother as a cosigner?
Payoff: California Auto Loan Under Deceased Grandfather's Name - Options
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