So I'm trying to figure out the best way of going about this, and I'm not sure if I'm just missing something obvious or this is maybe as hard as it seems. Here's the potential transaction and issues:
Buying a new Tesla in State X. State X requires resident registration, and I am not a resident. Friend who is a resident will co-register with me. Tesla requires the loan application to also have friend on there, so two names on loan as well. Everyone is fine with this and loan is approved.
After buying in State X and registering there, will bring it back to California. In CA, would like to register it under my name only and also refinance in my name only. I can't figure out how hard this is to do. I called the DMV, and they said if there's a loan on the car and the loan is "and" instead of "or", I can't register it without him on there. I would have to refinance it first or get him off the loan. Problem is can I get him off the loan if both our names are on the registration? I don't want to end up with a chicken and the egg problem. Also, most credit unions won't refinance it unless it is registered in CA, so perhaps I have to do two refinances? First with a big bank by myself and then after I register in CA, with a credit union with better rates.
I guess I want to make sure there is a path to my end goal. I don't mind the effort getting there, as long as I can actually get there. I was curious if anyone had any experience or thoughts on this.
P.S. Shipping/bringing the car to CA first and registering is unfortunately not an option.
Buying a new Tesla in State X. State X requires resident registration, and I am not a resident. Friend who is a resident will co-register with me. Tesla requires the loan application to also have friend on there, so two names on loan as well. Everyone is fine with this and loan is approved.
After buying in State X and registering there, will bring it back to California. In CA, would like to register it under my name only and also refinance in my name only. I can't figure out how hard this is to do. I called the DMV, and they said if there's a loan on the car and the loan is "and" instead of "or", I can't register it without him on there. I would have to refinance it first or get him off the loan. Problem is can I get him off the loan if both our names are on the registration? I don't want to end up with a chicken and the egg problem. Also, most credit unions won't refinance it unless it is registered in CA, so perhaps I have to do two refinances? First with a big bank by myself and then after I register in CA, with a credit union with better rates.
I guess I want to make sure there is a path to my end goal. I don't mind the effort getting there, as long as I can actually get there. I was curious if anyone had any experience or thoughts on this.
P.S. Shipping/bringing the car to CA first and registering is unfortunately not an option.
