<p>My BIL bought us a new-to-us car to replace our 14yo van. Actually, we took out a loan, and he will write us a check to cover the balance. My question is, for FA purposes, is it better to have a loan out on that car under our name (so telling BIL not to hurry with the check), or is it better to get BIL to pay it off ASAP, before we do taxes and fill out FAFSA and CSS for rising college sophomore?</p>
<p>For FAFSA it shouldn’t matter. Does CSS ask if you owe money on a car? Will you still owe your BIL after this is done or is his money a gift to you?</p>
<p>Gift.</p>
<p>Does CSS ask for debt on cars? IF so, does it affect calculation? I thought that debt on cars doesn’t matter.</p>
<p>I can’t remember. I was hoping someone else would know …</p>
<p>PROFILE initially asked about what cars we owned.
Whats owed doesn’t matter.
Financial aid doesnt care about consumer debt.</p>
<p>Thanks, ek.</p>