Overhaulin'

Can a bank force you to refinance a car loan to change your last name (due to marriage)?

My then fiance and I co-signed for a car a few months ago. Now that we are married and she has taken my last name, she wants to change her name on the loan. The bank told her today she may have to refinance (at a prevailing higher rate) to get her name changed. This seems illegal. We are waiting to hear back on Monday from someone else, but does anyone have any insight or suggestions assuming they take the same stance on Monday? We live and bought the car in Georgia. Thanks!

Public Comments

1. Just don't change the name on the loan. It is still the same.
2. Leave her old name on the loan.
3. What's the big deal.... leave the names as they are...... I can't imagine why anyone would want to do this. Possibly the bank knows there is a lot of paperwork involved in changing things because of a name change and instead of just a fee for this they are trying to get a new loan written...with, obviously, higher interest rates. No reason to change the names, just pay the car off eventually and when you go to the Motor Vehicle Dept. at that time, you can get the names changed. If you trade it in before you pay it off, you can get whatever names placed on the new vehicle. This is silly, changing names under these circumstances. Not worth fooling with but I guess you can always go to the Motor Vehicle Dept. and have it registered in both names. Not familiar with GA laws on this subject.
4. It might really save you some money to just get an auto loan quote online to see what the going rates are. You might be really happy. Also if your credit is not the best, a lot of them are more able to work with you. What I usually tell folks is that an online quote at http://auto.deal4-you.com is a no brainer.
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