Ok, so here's the crazy situation any advice is appreciated.
I am buying a new house. I got approved for the loan with one contingency, which is that I pay off my SUV. I owe $23,500 on my SUV and I hate to use a huge chunk of my savings to pay it off.
I have figured out a solution, but it's a little complicated and my dad is less than thrilled about it.
My dad is going to get an auto loan in his name only and buy the truck from me.
Being that he's my dad, I'm going to sell him the truck for $1. (I called New Jersey DMV, they said it's fine)
I am going to close on my mortgage the end of April.
In early May, I am going to either 1. Reapply with my Dad to refinance the auto loan and add myself so that I can re-register the truck in my name.
or 2. Have him sell the truck back to me with a loan I get on my own.
Before I got through all this, I was wondering if anyone had a better solution. Keep in mind, I need this truck paid off or out of my name in a week or two to get the mortgage closed, but this is my SUV so I want to get it back on my name so I can register and insure it.
Thank you for any advice.
Mike