Just tell her you are offering to pay it off and write the lender a check. You will need to know the lender, the account numbers that relate to her loan, and the outstanding balance.20 mar. 2019
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Can my friend pay my car loan?
No financial institution will let someone put a car’s title in their name and make the payments because the lender partly owns that car. … If you’re willing to trust your friend and let them take over your car payments, it may be possible, although not altogether legal, in some states.10 fév. 2021
Can I pay off a loan for someone else?
In the USA you can but you will need that person( to whom you are paying off the loan for) to give you the details such as the balance due, loan number and where to send the payment to. For privacy and security reasons banks will not divulge that information to anyone but the borrowers of the money.
Can you pay off someone else’s debt anonymously?
Member. You can make a payment on someone else’s loan or deposit money into someone else’s bank account without any consent or knowledge of the person whose name the account is in and it is perfectly legal. As long as you know what bank. You don’t even need to know the loan number.15 jan. 2015
Can I pay someone’s mortgage without them knowing?
With a little legwork and stealth, you can make an anonymous payment on someone else’s house loan. … You have to either do some research at the county courthouse or hire a title examiner to find the mortgage company. Both ways are completely anonymous, and run no risk of the homeowner’s finding out your plan.
Does transferring a car loan hurt your credit?
Voluntarily surrendering your vehicle will have a substantially negative impact on your credit scores because it means that you did not fulfill the original loan agreement. When you voluntarily surrender your vehicle, the lender will sell the car to recover as much of the money owed as possible.22 jan. 2021
Will a dealership buy my car if I still owe?
One option is trading in your old car during the process of buying your next vehicle at a dealership. … If you still owe, the dealership takes your old car, pay the loan balance to assume possession of the title, and then it’s theirs to resell. The dealer takes care of all the paperwork for you.18 juil. 2018
Can you transfer a car loan to a family member?
Can you transfer a car loan to someone else? You cannot “transfer” a car loan to someone else without also transferring ownership of the vehicle to them. In most cases, transferring ownership is considered selling.il y a 4 jours
Is paying off a loan considered a gift?
Answer: If a friend or family member pays your student loans off, it is probably a non-taxable gift to you. However, your friend or family member may be responsible for filing gift tax returns and for paying any applicable gift tax on the payment.
Can someone pay your credit card bill?
Yes it is possible to pay another person’s credit card bill. If you have the account number and the credit card issuer’s name/address you can send in a payment. Just make sure you indicate the credit card number and the person’s name on the check.
Can you anonymously pay medical bills?
Since 1982, there has been an unlimited exemption from gift tax for medical expenses that a person pays on behalf of someone else. Federal regulations allow you to pay your grandson’s medical expenses, or anyone else’s, without worrying about gift taxes implications.
What is the tax rate on gifts over $14 000?
If you’re lucky enough and generous enough to use up your exclusions, you may indeed have to pay the gift tax. The rates range from 18% to 40%, and the giver generally pays the tax. There are, of course, exceptions and special rules for calculating the tax, so see the instructions to IRS Form 709 for all the details.
Can my parents pay my mortgage deposit?
In theory, anyone can gift you a deposit. In reality, however, most mortgage lenders prefer if the person giving you the money is a relative, such as a parent, sibling, or grandparent. Some lenders have even stricter requirements, stating it must be a parent that gives you the money.
Who pays the taxes on a gift?
Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have to pay gift tax. The giver, however, will generally file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $15,000 per recipient for 2019.
Why did my credit score drop when I paid off my car?
Other factors that credit-scoring formulas take into account could also be responsible for a drop: The average age of all your open accounts. If you paid off a car loan, mortgage or other loan and closed it out, that could reduce your age of accounts.