Hey guys, I bought a car about 2 years ago. My uncle co-signed with me for the loan since back then my credit history was minimal. I didn't know much about car financing so my uncle did all the talking when we bought the car. I thought the car's title and registration will be under my name but everything was under my uncle's name. He told me I will get a better deal that way. Since he's trustworthy, I didn't questions him which was a big mistake on my part. Anyhow, I currently owe about $9800 with around 4.7% interest. Things were going good but today my uncle told me he wants me to transfer this car totally under my name including the loan by the end of June. He told me he's looking to buy a new house and not getting qualified for a loan cause of my car. While I would love to acquire full ownership of my car, I don't think I will be able to be qualified for that amount of loan at this moment. I have a decent credit score (740) with my oldest card being 2 years old. However, I recently changed job and got a big paycut. My current annual income is only $27000. I thought about just selling the car and get a cheap used one. However, according to Kelly blue book I'm upside down by $1000. What would be the best way to approach this issue?
Submitted May 11, 2017 at 08:23PM by curiousguy1993 http://ift.tt/2qafYtY
