How can I cancel out of being a consigner?

Scare C

Go to the police station and file a report that you are picking up the car. Be sure to take all of your documents with you. Go reposess it, sell it and pay off the loan. What kind of car?

oklatom

Sorry. When you put your signature on the page, you committed for the entire term of the loan, and there is nothing you can do to change it at this point. If she misses a payment, they will come to you because you said, by signing, I will make any payments that are missed. But that is all you signed up for. You don't get the car, only the bad credit and the bill since it isn't in your name.

That is why you generally should NOT co-sign for anyone, because in 3 to 5 years a lot can change.

ryno

unfortunately you are stuck. the car is hers, you can't go get it even if she lapses on the pymts. The only way to get you off of the loan is to get her to refinance the car. I doubt she will do that though because she would have to find another cosigner or settle for an APR rate that makes a loan shark look nice. Cosigning is very much like marriage but with out that sweet thing called an annulment. Sorry bud.

Scott H

You can't. You are responsible for that loan as guarantor, until it is paid in full. Co-signing makes you responsible financially for the loan, but unless you are one of the titled owners, you have no right of ownership. You can keep paying for a vehicle you can't drive. Co-signing a loan is usually a bad deal.

btflstdt04

If she stops paying for the car, the bank will come after you for the money. The best suggestion would be to have the friend refinance the car so that he/she will be the only one on the note.

Kissthepilot

The only way to get out of being a cosigner is to have the person get a new loan and pay off the one you cosigned. From what you have described, I doubt that will happen. If the bank repossesses the car, they will sell it for the loan amount and whatever is left over is still owed. Then they will go to her for it, and then you. No matter what happens, the car does not belong to you. You have guaranteed that she will pay, so the car itself has nothing to do with you. If you took it, you could be arrested for stealing it. I would call the bank and ask them, just to make sure what your rights are. That's why you have to be extremely careful about who you cosign something for.

prostockacura

i dont think you can till after a year of on time payments.
if she stops paying then no you dont get the car neither one of you will but it will mess up both of your credit your pretty much screwed sorry for the bad news though

cerial0411

talk with the bank and sudgest a refinance through a new loan in her name only/your name removed

the bank will probally increase her rates a little but you will be clear from any issues that may arise later

if she stops paying the bank takes the car and you both keep paying for the loan amount on the car that you both financed

if refinancing is not a issue talk with a attornie and see if a court order or the attornie's pull does the job

goodluck

Enter Your Message or Comment

User Name:
User Email:
Post a comment: