i am a co-singer for my bf new car, but he just used me. i want to take out my nam out of the contract. please help me if its possibel.
2007-01-23 04:48:54 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
If he could have gotten the loan without your co-signing, he probably would have, so we already know he's a bad credit risk.
You're stuck with the loan. No lender is going to let you out of it.
However you may be able to get the car from your bf. The loan will still be upside down but you may be able to recover some of the value.
2007-01-27 02:50:39 · answer #1 · answered by clawedlemew 3 · 0⤊ 0⤋
You should be able to contact whoever holds the loan and have your name removed. Your boyfriend will probably need to either refinance or at the very least sign new paperwork. There could also be a problem with the fact that if you had to co-sign his credit is either shot or non-existent.
Bottom line, call the creditor and find out what you need to do. And kudos for getting out from under this issue - it could be really ugly if he stops making payments!
2007-01-23 12:58:39 · answer #2 · answered by Enchanted 7 · 0⤊ 1⤋
Contact the loan holder, ask them if they have any options. BUT most likely your bf will need to refinance the car in his/her name only
2007-01-23 13:26:23 · answer #3 · answered by whatelsewhatever 3 · 0⤊ 0⤋
He needs to refi the loan in his name only.
If he can't do this, you are stuck.
DON'T COSIGN FOR ANYBODY EVER!!!!!
2007-01-23 12:58:50 · answer #4 · answered by Culture Warrior 4 · 0⤊ 0⤋
You signed - Your in it for the long haul
2007-01-23 12:57:22 · answer #5 · answered by John W 3 · 0⤊ 1⤋