Alright this is going to sound weird, I’m saying that because I haven’t been able to find the answer to this simply anywhere.
In October my girlfriend desperately needed another car, hers had become unsafe to drive and I wouldnt let her drive it. Finally after having it shut off on the freeway going 75mph while i was driving i finally had enough and told her we needed something new. So she could have something reliable and I could well drive my car again. So we did some shopping, finally picked out a car she liked and ran into problems with financing because of her credit score. No big deal at the time, my credit is good and I was able add another car without her name on it and we haven’t had any problems with her making the payments. I know this is a straw deal so dont come after me.
Well here we are 8 months later and I’m trying to buy a house and get a mortgage. So after just about every scenario the only way to get this sucker done is to get her car off my credit. They wont let me ground my lease so its her car that needs to go bye bye. We’re still not entirely sure she can qualify for this loan on her own so i suggested just buying the rest of the loan outright from our lender (no pre pay pen in WI) All’s well and good I get my mortgage but I was planning on using that left over money for peace of mind and maybe a quick improvement to the new place. My mortgage lender suggested refinancing the car after closing to get the money back. That sounded like a great idea to me, but I’m wondering...
How would I go about doing this? Is it even possible to refinance an already paid off auto loan for a similar length and amount than what was left on the previously paid off loan? Any help would be greatly appreciated.