How do you get your name off of a car that you cosigned for if the other person is failing to make the payment?
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How do you get your name off of a car that you cosigned for if the other person is failing to make the payment?
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if you cosigned for a car for your daughter and she now is failing to make the payments and they are being paid late how can you get your name off of that loan if you are the top person.
Additional Details
if car is in both names can i legally take the car from her or does both of us have rights to it if she is not making payments
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Vipassana
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You are a co-signer.
If you somehow missed the definition of that, that means you are CO-responsible for the payments of the vehicle.
I'm going to guess you co-signed just so she could get a better rate or something. I really hope you didn't, because I would certainly hope you'd be more intelligent than that.
In any case, being that you are co-responsible for the payments, if she is behind, then that means whatever she fails at, you need to cover. If they can't get it from her, they will get it from you.
And no, you can't just take it from her. You BOTH own the car. You both have legal rights, for better or worse. |
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Scott H
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Do you understand what being a co-signer means? It means that you agreed to accept financial responsibility for the loan if the primary borrower (daughter) defaults. You can't get your name taken off the car, you committed yourself to paying for it. The only way to get your name off the car is to pay off the existing loan. |
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pedro7of9
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you can't...See ,,,the purpose of the co signer is to pay if the other person doesn't... ,,,YOU are responsible for the loan IE its your loan now,, |
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saved_by_grace
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You can't...you will be the person responsible if they default.
What would have to happen is if she gets a loan to refinance the vehicle in her name only. If she was unable to obtain a loan on her own in the first place then it is very unlikely that she can get a loan refinanced in her name.
If she is in default then yes you can take the car back. |
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JeffyB
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You probably can't. It would be an expensive legal issue. |
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