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    srikanthan78's Avatar
    srikanthan78 Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Mar 8, 2007, 04:31 PM
    Title and Registration transfer
    I am from state of IN. six months back I bought a car with my brother as a co-signer. The title and registartion has both of our names. He just co-signed for me as I am not eligible for a loan at that time. I am the active owner of the car. Now I want to refinance my car loan without the co-signer.

    Is that possible to remove the co-signer name from the title and registartion.

    Is there any special fees applicable for that ?

    Do I need to pay the tax again ?

    Please clarify.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Mar 9, 2007, 09:10 AM
    Hello srik:

    The two of you (who are partners in the car) need to sell the car to you, an individual. It's just like any ordinary car sale and you'll have to pay whatever tax would be due on any sale.

    From a technical standpoint YOU aren't paying the tax again, because YOU didn't pay it the first time. Your partnership (your brother and you) paid it the first time.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Mar 9, 2007, 11:15 AM
    Check with your local DMV. All that may be necessary is for him to sign over the Title and you request a new title from them.
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