How do i get my name off of a cosigned car/title?
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How do i get my name off of a cosigned car/title?
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i think i am wrong in calling it a title becuase there is still money owed. but anyways i am the main person on the car and there is a cosigner he now owns the car. and i wanna get off it. can he refinance it to get me off?? and please dont say how stupid it was to cosign.... i just need answers!
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mbrcatz
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Whoever's name is on the title, owns the car.
If you are the cosigner on the loan, you can't get off it - you guarantee that loan, until the car is paid off. The ONLY way to get out of it, is if the lender agrees to LET you - which they won't, if the owner has crappy credit.
So, he will have to go back to the lender, and ask them to let you off the loan. Unless his credit situation has improved greatly, they won't. |
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raven05rider
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i went through the same thing with my aunt. I was young and not making my payments on time and running her credit through the mud. She wanted to get her name off the loan/title but she was told no way because she signed the papers. They want the person with the better credit(of the 2) to stay on the loan. They know that whoever has better credit is more likely to make their payments. So your only hope is that the other person has way better credit than you dom and even then you might still need an other co signer. sorry, I think your kinda stuck. |
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dougrosedougrose
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you/them will probably have to find another co signer |
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~*Absolutley Ordinary*~
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That's hard. You did sign, so it's going to be difficult to totally wash your hands of the situation. I've never heard of someone refinancing a car, but I'm sure it can be done. Call the bank that you have the loan through and ask about having him refinance on his own. Anyway if he needed you to co-sign with him to begin with, his interest rate will probably be much worse by himself so it will cost him more each month...which he is most likely not going to do willingly. Unfortunately, because everything is in both of your names, you can't do anything without him agreeing to it. Are you on good terms with the person? If he is willing to help in your efforts, it shouldn't be that hard but it is probably going to screw him.
If you're not on good terms, that's bad news. If you're worried about him not making payments and screwing with your credit, I think your best bet is to take possession of the car and sell it to repay the loan. If he won't let go of it, call and report it stolen and tell them you know where it is.
Tough lesson learned. Good luck. |
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