2007-01-21 14:00:13 · 4 answers · asked by Shaun R 2 in Business & Finance ➔ Credit
Usually you will need a completly new loan. And if both person's names are on the title, the one may have to sign a release.
Are you trying to get out of the loan or get the other person's name off the loan. If they have bad credit ask them to find another cosigner and refinance the car.
Another option is to just sell the car. Even if you are upside down, it might make sense to just pay the difference.
The biggest risk for these situations is the bad credit person is driving the car and probably does not have insurance. So when they crash the car the good credit person is responsible for the ENTIRE balance. Trust me the bad credit person will NOT make 40 months of payments on a car that is the junk yard.
Good luck.
2007-01-21 14:35:26 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
Go to the lender and ask. Sometimes the person who has the loan can qualify, especially if some time has passed. You could always try to get a new loan.
2007-01-21 14:05:12 · answer #2 · answered by Nusha 5 · 0⤊ 0⤋
i do no longer understand, I truthfully have in no way heard of one in each and every of those component. lendors desire to experience they gets their money and for my area they gained't enable the co-signer to be dropped after six months in case you come back to a decision to help your sister out ask the revenues guy or woman or loan supervisor or whomever to coach you the specific textual content textile that drops you off the loan after six months. examine it, no count if it extremely is clever sign the papers. if no longer ask in case you have your lawyer take a seem at it first. in the event that they are being basic with you the could enable that. in the event that they are no longer they gained't
2016-12-16 10:18:02 · answer #3 · answered by ? 4 · 0⤊ 0⤋
You have to get them to get a new loan.
2007-01-21 14:08:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋