Saturday, October 31, 2009

How can i remove a cosignature from a car loan?

I cosigned with someone on a car loan about 3 years ago and would like to have my name removed from the loan. The loan is in good standing. However, the relationship is not and it would be better to sever the responsibility.



How can i remove a cosignature from a car loan?

The lender would have to agree to it. You made the commitment and have to live up to it.



How can i remove a cosignature from a car loan?

The lender can remove the cosigner, but if they are unwilling to do that, then you can refinance the loan through another lender, with you as the sole borrower.



How can i remove a cosignature from a car loan?

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How can i remove a cosignature from a car loan?

The best way would be to ask, or beg the other person if they could refinance it into their own name. This probably isn't very likely if they couldn't get a loan in their name in the first place, but since it's been three years it's worth a shot.



If that doesn't work, I would go to the bank (if it's a local bank go in person and speak with the branch manager). They can remove your name from the loan, but they usually do not unless you pay them some collateral. You can offer them an amount to take your name off. This usually works, and even though you have to pay some out of your own pocket, it's still better than owing the entire amount, or having a repossession on your credit report when your cosigner doesn't pay.



How can i remove a cosignature from a car loan?

The other person would need to refinance the loan.

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