O.K. if somone co-signs a car loan through the dealer can they get mad at the applicant and have their name pulled off the loan? and if so how do we go about it?? Can we have her pulled off the loan?? If so how do we go about that?
2006-11-02 05:02:09 · 10 answers · asked by Sarah G 2 in Cars & Transportation ➔ Buying & Selling
My mother is the co-signer for my hubby..
2006-11-02 05:23:46 · update #1
She is mad because she abused one of our kids and I went along with the state saying she has to move out..
2006-11-02 05:25:05 · update #2
Yes, just pay off the loan....
You see, your husband can't get a loan on the car. The bank looked at his credit record and said, "You can't get a loan on this car".
However your mom, can get a loan on the car, so the bank said that if she agrees to pay off the car (by assuming the loan) in case your husband defaults.
Will the bank allow you mom to get out of this legally binding contract? Not as long as there is money owed on the car.
Will the bank allow you to get your mom out of this legally binding contract? Only if you pay off the loan.
So pay off the loan or sell the car (and pay off the loan), those would be your two options.
2006-11-02 05:35:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, once the loan deal has been signed and the money has been exchanged, the only way to remove the name is to have the owner of the vehicle refinance the vehicle by him/her self.
It's a contract, the only way out is to pay off the contract and start a new one.
Since it was your mom that co-signed the loan, and she wants out, I would recommend that you and your husband try and get the loan refinanced, even if it means paying a slightly higher interest rate.
Go into your local banks, credit unions and fill out a loan application. Let them know you are trying to refinance a vehicle, or you could try http://www.lendingtree.com and filling out a loan application on line. Her name can not be pulled off the loan until you get it refinanced, and she can make a claim on the vehicle, so your best bet is do this as quickly as possible.
2006-11-02 05:13:57 · answer #2 · answered by hsueh010 7 · 1⤊ 0⤋
You need to read the contract!!!. You cannot remove your liability on that loan. Once you sign you are responsible for every single payment, or the payoff balance. It's something you should have considered before signing on the dotted line.
You usually have the right as a cosigner to pay off the loan and sell the car. You need to look in the contract. It will usually spell out your rights. You probably have the right to go take the vehicle. You can then either keep and continue the payments or sell it to pay off the loan. It really depends on what you agreed to though. I hope your name is on the title!
Why people cosign is beyond my comprehension. It's obvious that the person getting the loan is a credit risk. It's likely that they are going to have trouble paying, and you are willing to put your self at risk for nothing? Makes no sense to me.
2006-11-02 05:18:45 · answer #3 · answered by JetboyToy 3 · 0⤊ 0⤋
Once you're on, you're on. The lending institution will require the loan applicant to reapply for a loan without you as the co-signer.
2006-11-02 05:17:11 · answer #4 · answered by momofmodi 4 · 1⤊ 0⤋
Both parties will have to mutually agree to removing one of the other persons on the loan. It is not possible to do so out of spite, and there are laws to protect people in situations like the one you described.
2006-11-02 05:17:33 · answer #5 · answered by mightymax 2 · 0⤊ 0⤋
If the loan has not been funded (dealership has recieved check from finance company), I think that can if they return the car within a few days. After payments have been made NOTHING can be done.
2006-11-02 05:21:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Usually you would have to have the lender agree to take you off of the loan. Just hope that the person doesn't do something to make you liable for the payments.
2006-11-02 05:14:21 · answer #7 · answered by waggy_33 6 · 1⤊ 0⤋
No.The co signer is the responsible party.
2006-11-06 02:55:05 · answer #8 · answered by George K 6 · 0⤊ 0⤋
NO! Not until it's paid off then it will go in your name. Past experience.
2006-11-02 05:22:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No... They both own the car!!!
2006-11-06 09:59:13 · answer #10 · answered by Anonymous · 0⤊ 0⤋