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You can try to re-finance the car with a different lender without the cosigner if you've established enough good credit.

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โˆ™ 2010-11-28 22:41:25
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Q: How can the co-signer be removed from a car loan?
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How can a cosigner be removed from the loan?

The only option is for the loan to be refinanced without the particpation of the present cosigner.


If you refinance a loan to have the cosigner removed and the cosigner has the car how do you go about getting the car from them if the loan and title are now in your name only?

IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.


If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?

If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?


If you want to get off of a loan as cosigner can you just sign a document saying you are no longer responsible for the car loan and that the other party is?

No. The only way to be removed as a cosigner is for the loan to be refinanced assuming the lender will allow that to happen.


Does the cosigner have to drive the car?

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.


What are the consequences if a cosigner on a car loan sells the car without the permission of the other cosigner?

Possible fraud charges.


Can your daughter be on your car insurance if you are not cosigner on her car loan?

Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.


Can a primary be removed from a loan?

That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.


What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


Are there legal options that a cosigner can use to be removed from an auto loan?

No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.


How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.


If you have bad credit will you get approved for a car loan with a cosigner?

Yes.

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