Like and idiot I co-signed for my ex-fiance's car note. Long story short the wedding never happened, and now I no longer want to be listed on the note. Is there a way to remove myself from it? Thanks.
JT
2006-12-02 10:18:55 · 11 answers · asked by JT 1 in Business & Finance ➔ Credit
only if your ex refinances the loan or pays it off. Your contract is with the finance company- not your ex.
2006-12-02 10:21:42 · answer #1 · answered by tamumd 5 · 0⤊ 0⤋
Your ex-fiancee would have to refinance the car on another note, so that the note you're co-signed onto would be paid.
Since the fiancee needed a co-signer first time around, it's probable that they'll need a co-signer to refinance the car.
This is 20-20 hind sight, but now you know - don't co-sign loans for people unless they're a 100% absolutely guaranteed bona-fide perfect risk.
2006-12-02 18:22:46 · answer #2 · answered by Stuart 7 · 0⤊ 0⤋
I would talk to the bank where it is financed and see if they will remove you from the note. It is very doubtful that they will do that since you are insurance that the note will be paid. They are under no obligation to take your name off of the loan. You may want to contact your ex to see if they will refinance the note. Unless your ex fiancee is willing and/or able to refinance, you will be on the hook until the loan is paid off.
2006-12-02 18:32:18 · answer #3 · answered by Flyby 6 · 0⤊ 0⤋
You have four options and none are very good.
1. hope he makes payments on time and does not mess up your credit
2. stay on top of note if payment is a few days late make it your self
3. Go to bank and talk to loan officer and make arrangements to pick up note and pay off if he defaults. there by salvaging your credit [maybe]
4. and there is a possible option here. have him refinance the note without yourself as co signer
.
Best of luck you need it in order to salvage your credit.
2006-12-02 18:47:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Unfortunately, it will probably involve a rather complicated process. More than likely, you will have to have her finance a new loan for her car without you on it, and then use that loan to pay off the other one so you can close it.
2006-12-02 18:21:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The only way is to pay it off! Are you actually making the notes? If so, I hope you are on the title. That is about your only chance. If you are on the title then she cannot sell the vehicle without your cooperation.
2006-12-02 18:24:06 · answer #6 · answered by plezurgui 6 · 0⤊ 0⤋
Tough way to go. The finance company/bank has no upside from letting you off the hook. If your fiance has great credit they might be willing, but that would mean that she would have to step up and guarantee things....and since you had to cosign in the first place her credit is probably not that great.....maybe you can convince them you've died....or tell them you're going on active duty in Iraq and claim SCRA (you can look it up) but they'll want a copy of your duty orders.
2006-12-02 18:23:09 · answer #7 · answered by Paul D 5 · 0⤊ 1⤋
Once you sign, you're obligated until the loan is paid off. I would like to remove myself from all my notes too, but we all pay for our mistakes.....)(
2006-12-02 18:24:23 · answer #8 · answered by MissKathleen 6 · 0⤊ 0⤋
Not unless he his willing to get some one else to co-sign or assume refinancing himself.
2006-12-02 18:21:17 · answer #9 · answered by October 7 · 0⤊ 0⤋
sorry, he's got to assume the full loan himself. you should have thought about it. talk to him.
2006-12-02 18:28:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋