A lender will not let one person just "drop off" a loan. They like the fact that they have 2 people who are equally responsible for paying, in case something goes wrong.
Usually the only way to do this is to refinance the vehicle. This can be done either with the same lender or another lender.
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To get out of a used car loan, pay off the loan or find someone else who will do that.
You just can't place your loan in someone else's name. That other person has to get his/her own loan for the car and pay off your loan.
If they both signed the contract and were legally able to enter into a loan contract no names will be removed. All signers remain equally responsible for the loan until it is paid off.
One can't get a car loan guaranteed. Nothing in life is guaranteed. There are many factors that come into play when asking for a car loan such as credit score and age.
No. In my experience and from what I've read, it is not wise to lease a car from someone with a loan. They can still be held responsible for the car if anything happens to it. If you cannot afford to make the payments and the bank comes to collect the car, and the owner does not have it, they can be arrested.
Yes, you can sell a car with a loan attached. You must pay off the loan with the money you receive in order to have a clear title or you must get someone to take over your loan.
The "someone else" needs to apply for a loan to pay off your car loan. With your loan paid off, you can sign the title over showing it free & clear. Don't sign off on the title until you know the loan is paid--or you could find that you no longer own the car but still have a loan to pay.
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
If only your name is on the title and the loan is not listed as a lien on that title then you are the legal owner. If someone else obtained a car loan for you then their name should be on the title to the car with yours. The question of ownership should be addressed if someone was kind enough to borrow money for you to have a car. The car should have full insurance coverage in case of an accident.
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.
Call a lawyer. ASAP
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.
You can find a car loan with low rates by visiting auto loan companies such as Nation Wide Auto Lending. You can also visit insurance companies such as State Farm for car loan rate quotes.
It was your car so your insurance will have to pay. Never loan a car out to someone who is not on your insurance policy.
An auto loan is a loan that's given to someone to enable him/her buy a car while they pay back within a period of time below is my recomendation for best auto loan
When the owner defaults on the loan payments
You cannot get your name removed from a valid loan. If you signed the contract your name remains in place until the loan is paid off. The only time I have seen the name on a valid loan adjusted was when a signer passed away and another party legally assumed the loan from the finance company. And no, divorce decrees will not help you.
All banks that offer loans, whether it be a car loan, business loan, or house loan, also offer a payment calculator which helps determine how much someone can afford to pay.
A straw purchase is when someone else signs for a car loan but the loan is being paid by someone else. For instance person "a" has bad credit and person "b"does not. Person "a"signs for a loan under the idea the car is for them, but it is actually for person "b." Person "b" then gives the car to person a to drive as their own. Person b is responcable for payments, but hopes person a will make them. This type of loan is not allowed. If a dealer knows this is taking place, they will not sell the car.