Monday, October 26, 2009

Questions about being a co-signer on a car loan.?

My husband and I are the co-signers on my sons car loan. My son has decided to move out and now does not want to keep the car. To sell the car or trade it in do we need his signature? Or can he be taken off the loan if he is not going to take financial responsibility?



Questions about being a co-signer on a car loan.?

If you have the title, just have him sign the title in the appropriate spot. Most likely you do not have it though as the bank the vehicle is financed through is probably holding it. he can sign a power of attorney authorizing you to trade the car in if you do not have the title. You definitely want to do something to protect your credit ASAP if he is not going to make his payments.



Questions about being a co-signer on a car loan.?

If you are co-signers, meaning that your names are not on the title, then YES, to sell it you need his signature.



If you want to take his name off of the loan, you need to %26quot;purchase%26quot; it from him, and get your own loan to pay off his.



Questions about being a co-signer on a car loan.?

in order to get your son of the title you would have to refinance it under you and your husbands name alone.



Questions about being a co-signer on a car loan.?

You being the cosigner will be the one to pay if he does not. He could never of gotten the car without you. If it is a car you want take over the payments and let the dealership know this. Unless they will take it back and that is usually not an option if it does not get paid for it will go against your credit rating because in essence you are saying if he does not pay you will. Legally I do not know if you get control of the vehicle in question. that is something you would have to consult an attorney about.Oh and yes because he technically is the owner right now he would have to sign it over and you would have to re register it.



Questions about being a co-signer on a car loan.?

Is it your sons name with your name or your husbands? or just you and your husbands name? Yes your son will have to be present when the car gets sold/ traded in since he will have to sign off on numerous documents -- (title, milage reading etc.) anyone who's name is on the title and who signed for the car has to be present.

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