2006-06-29 03:39:16 · 9 answers · asked by chocolate_krys2000 4 in Cars & Transportation ➔ Buying & Selling
YOu have to ask the bank to remove them. It usually won't happen
2006-06-29 04:10:17 · answer #1 · answered by Timbo 1 · 1⤊ 1⤋
Yes you can get the other name removed, either, by working with your bank prior to the actual loan and finding out what their criteria is as to removal or by refinancing the balance of the loan once you have established good credit and/or turned 18. I did this for 2 of my daughters when they were 16 so that they could establish credit. Normally, some one under 18 would not be allowed to sign a loan contract due to the fact they can not be held responsible for that contract under the legal age. However, our bank allowed the loan for cars with their name and mine, as mom, so that they could establish credit. The loans were 3 year loans that they converted to their names when they turned 18. At that time, they traded their cars for better cars with loans in their own names. They didn't need co-signers anymore because they had established good credit. In fact, when they signed the loans they actually started recieving credit card offers. The older daughter got her first credit card at 17yrs. old. So, it was a beneficial thing to them and to me because their loans also made my (mom) credit look good~ Hope that helps.
2006-06-29 10:52:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Only if you get a new loan. I believe that's how it works because banks won't remove anyone they can hold responsible for the debt and they would have to write a whole new contract, hence, a new loan.
2006-06-29 10:42:53 · answer #3 · answered by Stacy R 6 · 0⤊ 0⤋
Yes, that's what I did. My dad co-signed for me, not because of bad credit, but because of no credit. So after a year of making my payments on time, (early, actually), I called and asked them about it, because they had told me that in the beginning. So it was just in my name.
2006-06-29 10:43:36 · answer #4 · answered by angelbaby 7 · 0⤊ 0⤋
If you want them removed, what you'll have to do is get a whole new loan by yourself (when you're ready), and then use that money to pay off the old loan.
Hope this helps.
2006-06-29 10:42:51 · answer #5 · answered by tromboneman327 3 · 0⤊ 0⤋
i think so, however my situation may be different from yours. I had a co-signer so that i could get an insurance discount, but now that the car is paid for I can get the title in my name.
2006-06-29 10:46:05 · answer #6 · answered by Cj 1 · 0⤊ 0⤋
Only if both parties are in a agreement and no one is filing for bankruptcy. Get everything in writing.
2006-06-29 15:35:52 · answer #7 · answered by nowsuccess4u 1 · 0⤊ 0⤋
Yes.
2006-06-29 10:42:07 · answer #8 · answered by Gravy Czar 4 · 0⤊ 0⤋
yes - refinance it.
2006-06-29 10:42:35 · answer #9 · answered by DesignR 5 · 0⤊ 0⤋