Need Financial Help (Not Asking For Money)

[Gwen]

Okay, on June 28, 2003, I co-signed a car loan for my best friend (yes, yes, yes, I know it was a mistake). My name is the first name on the loan. She makes the payments, not me, I really have nothing to do with it other than my credit helped lower her interest rate.

How can I (can I even) get taken off of the loan and have it be just in her name now that the line of credit has been established? I dont want anything to do with it and I dont want my credit getting ruined (I think it might end up that way, but thats a whole other story)

Does anyone have any experience or SERIOUS advice on how I handle this? Thanks!

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[Reephdweller]

I'm not an expert on this, but as far as I can remember I don't think you can take your name off the loan, unless the car is paid in full or the loan payments are transferred to another party.

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[Gwen]

Ideally the payments would be transferred entirely to her name (as she's the only one making payments anyway)

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[Hosp]

I think you may be S.O.L.

It looks to be that you are the primary person on the loan and not a co-signer. If it is a loan in your name that she's just attatched to, you are probably going to be involved for the full term of the loan.

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[Heavy]

How can I (can I even) get taken off of the loan

Sure if you pay off the car. It is your car after all!!

But seriously your friend can get a loan in her name and pay off the exsisting one, but we both know thats not gonna happen.

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[jocefus]

gwen... i just had a family member help and cosign with me so i can get a new car... the family member is the first on the loan and the only way he can get his name off the loan is to die... so unless u plan on kicking the bucket soon, your stuck with your name on it..

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This message was edited by jocefus on 8-20-03 @ 1:05 PM

[UnknownPD]

I'm not an expert on this, but as far as I can remember I don't think you can take your name off the loan

You may not be an expert, but you gave the expert's answer.
Generally you are not only on the loan, but also listed on the vehicle title. Which means you <b>own</b> the car and you are responsible for it.

The only way to get off the loan is to sell the car. By the way I don't know what state you're in, but if it is New York you are also liable for any accidents that car is in. Better make sure you are on the insurance too.

[Doctor Manhattan]

Options:

1) after a little while she can apply for a loan herself (or with another sucke... I mean co-signer) and buy the car from you.

2) Sell it to a third party.

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[angrymissy]

my sister and i were going to cosign for a car together a year ago and we asked the loan people if one of us could be taken off the loan later on, they told us that after a year or two, one of us could refinance the loan and take it over, but I remember them stressing that it would have to be at least a year before that could happen

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[Aggie]

Doesn't it suck being a grown up Gwen? :mad:

I hope it works out for you and isn't too much of a mess, good luck!!

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