Q: Transferring vehicle collateral on personal loan with One Main Financial- Are their additional requirements legal?
My car is collateral on my ex fiancé’s personal loan with One Main Financial. He purchased a car for himself in cash a few months ago. One Main said that he could transfer the car title loan to his new car, removing mine as collateral. They had him fill out a new loan application and are now saying his credit needs to improve before they can transfer the collateral. His car is worth at least $10,000 more than mine and he is not trying to get a larger loan, just transfer the collateral. Is this legal?
I have wanted my car off this loan for the past year and One Main keeps changing the requirements. First they said it would be eligible for removal after three more payments, those were paid then it turned into 80% of the loan needing to be paid off. They then agreed to transferring the collateral, now they’re requiring credit improvement. They won’t even give me a copy of the contract because my name isn’t on the loan, however my car is the collateral!
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