I did a smart buy on a car in April of 2005 and my mom co-signed the loan for me. I have decent credit and I was wondering if I would be able to remove her from the loan? I know I need to contact GMAC but I was just wondering if anyone knew if they would consider it or not. Thanks
2006-11-13 01:33:37 · 9 answers · asked by gummi bear 3 in Cars & Transportation ➔ Buying & Selling
Refinancing a loan is the process of renegotiating the original terms of a loan previously contracted with a lending institution. This renegotiation takes the form of adjusting the length of the loan by extending the term, reducing the interest rate of the loan from its original interest rate, and lowering the monthly amount of the loan repayment.
Automobile loan refinancing is a process of locating a new lender for an already existing car loan. Refinancing is often sought out for a better loan rate and extended term. Occassionally refinancing is opted to remove a co-signer. Some persons may have a high interest rate on their automobile loan due to lack of credit, poor credit, lending institution choice or length of term of thier original loan.
Auto refinancing can reduce monthly payments as well as lower interest rates on the loan itself. It lengthens the term of payment, therefore stretching out payments for the automobile while lowering the amount of money paid each month. Refinancing also allows for a payment gap, meaning the person who refinances will miss one or two payments. Some refinancing institutions allow a 90 day hiatus from payments.
2006-11-13 02:00:25 · answer #1 · answered by Anonymous · 0⤊ 1⤋
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RE Can I remove a co-signer from a auto loan?
I did a smart buy on a car in April of 2005 and my mom co-signed the loan for me. I have decent credit and I was wondering if I would be able to remove her from the loan? I know I need to contact GMAC but I was just wondering if anyone knew if they would consider it or not. Thanks
2014-09-19 16:54:25 · answer #2 · answered by Anonymous · 0⤊ 6⤋
1
2016-09-26 12:10:50 · answer #3 · answered by ? 3 · 0⤊ 0⤋
If you have made all the payments on time, you may be able to have the cosigner released from the loan, but more than likely the only way to do so is to refinance the car, and pay off the original loan. There is no benefit to GMAC to releasing your mother from the loan, and actually that increases their risk.
You can ask them what they would require. The worst that can happen is they will turn down your request!
2006-11-13 01:56:55 · answer #4 · answered by fire4511 7 · 0⤊ 0⤋
Short answer is - no.
Actually - if your credit is now good, perhaps you can renegotiate another loan, but this would cost. There is usually an initial fee for a loan to set it up and the early payments are mostly interest, so it is not really in your best interest to do this.
If you are a good credit risk then there shouldn't be a problem for your mother to remain on the loan. If you are not then I doubt you will get them to renegotiate a loan.
2006-11-13 01:43:28 · answer #5 · answered by Sue 4 · 0⤊ 0⤋
that would really be performed in case you refinance the motor vehicle on your call, that is variety of detrimental to do for a motor vehicle loan because it depreciates a lot after purchase. you probable owe better than the motor vehicle is easily worth and no individual will loan you higher than the cost of the motor vehicle. in the different case, she's stuck contained in the association till the motor vehicle is paid off.
2016-11-23 19:24:42 · answer #6 · answered by faccone 4 · 0⤊ 0⤋
Shouldn't be a problem. It's done all the time for various reasons.
2006-11-13 01:41:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not completely sure about this one
2016-08-08 19:16:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Well, it depends..
2016-08-23 10:36:01 · answer #9 · answered by ? 4 · 0⤊ 0⤋