Hello,

My fiance and I recently bought a car on a Saturday. We live in Minnesota. At first, the finance guy at the car dealership told us the financing will be done through Wells Fargo. After spending close to 4 hours at there and hearing it was a reputable bank that we both bank through -- we were happy and signed it. The car loan and car title is under both our names. Interest is 9.35% for 72 months, for a 2003 vehicle.

On Monday, the finance guy called me to say Wells Fargo couldn't finance it because they wouldn't be able to do it at that interest rate he quoted (and that we signed/agreed). Instead he told us Citizens Bank would be able to finance it at that rate. He told us to come in right away to sign the paperwork -- so we did that day.

Now that our first bill has come due through Citizens Bank -- I realized that they didn't have online banking and since I do EVERYTHING through Wells Fargo (especially the .25% interest rate decrease with automatic payment)... I wanted to see what kind of refinancing possibilities WF would have.

Since my fiance didn't have good credit, Wells Fargo suggested I apply under my name only. So, I got approved for 8.13% interest for 60 months. However, I have NOT signed it yet because I have a few questions...

MY QUESTIONS:
1) Can the car dealer change the bank in which we do financing - especially after signing the first time?
2) If I take this Wells Fargo Refinance loan under my name ONLY... will the title be under MY name ONLY -- meaning my fiance not be included in the title?

--Two Wells Fargo reps told me that the name in which the car loan is under will not affect on whose names are on the title.
--The Finance guy from the car dealer told me whosever name the car loan is under will also be under the title ONLY (so my fiance's name will not be included in the title since he is not included in the car loan). He told me this is the MINNESOTA LAW.

QUESTION #3) Who is right? The Wells Fargo reps or the Car dealer Finance Guy? What is the Minnesota law regarding Car Loans and Car Titles?

Please let me know!

Confused Car Grad

ScottGem

There is nothing here:
http://www.dps.state.mn.us/dvs/Motor...le%20frame.htm

either way that states whether title has to be in the same name as on the loan.

I would contact the Minn DMV and ask specifically.

As for the change of banks. The dealer may have thought he had an agreement with WF abd they came back and said they couldn't.