So I’m really stumped on this. I live in Florida and recently started a full time job after graduating in May from university. Last August we decided to replace my old car and get a new one, and due to my parents having an almost perfect credit score, my mom financed the car in her name. So far this has worked out great, I pay for both Florida insurance and the car payments, which we got at a great rate of $400 a month and 4.5% interest. I got my drivers license and went to register my car, I was originally told at the tax collectors office that I just needed a power of attorney to register the car for my mom in Florida, but when I went in with this signed formed, they told me the car could not be registered in Florida since my mother and father are both Ohio residents, and do not live in Florida.
I’m trying to figure out what to do but there’s not much I can think of. The car is insured in Florida but needs to be registered in Ohio, which sounds like a disaster waiting to happen. Their only solution was to either:
A. By the car outright and transfer the title to my name (there’s 3 years left of payments, so that’s not financially plausible right now).
B. Refinance the car in my name with my local credit union. I went and asked them, and despite getting $61,000 a year with a 765 FICO score they told me I would only get a 9% interest rate with double the monthly payments. Great, I can’t afford that, paying $300 in car insurance is rough enough as is.
Does anyone know what I can do in this situation?