I was stupid and co-signed a car loan w/someone that I now no longer have any contact with. Is there a way to have my name removed from this loan?
2007-03-06 01:45:22 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
The only way is for the other buyer to refinance the loan in their name only. You might try contacting Ford Motor Credit at 800-727-7000.
Hope you learned a lesson. Never, never, never co-sign unless you are ready willing and able to make the payments yourself.
2007-03-06 02:24:05 · answer #1 · answered by ? 7 · 1⤊ 0⤋
First, you gave them permission to envision your credit once you co-signed initially. you're on that own loan and a refinance with an added $8K might probable choose you on the recent own loan besides -- your boyfriend's credit wasnt' good adequate to get the 1st own loan, it easily would not be good adequate to take out a bigger own loan. Secondly, getting a 2d opinion on one among those enormous restore is mostly a superb theory. some mechanics are extra suited than others and a few do exactly no longer undertaking to even examine ... yet in any experience, a tricky inquiry on your credit report is merely a count number of a pair factors. you're putting way too lots into this. that isn't a great deal. Your undertaking is which you certainly co-signed for this own loan. that's by no potential a superb theory to co-sign or mingle funds with each person you're no longer legally married to. It by no potential seems properly. There are all varieties of genuine problems you will run into.
2016-12-18 16:24:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I can only assume that the 'person' was an ex.
Maybe you can tell him to ask the new woman to finance it so that you two will never have to have any more contact!
IF that does not work threaten to sue him for an anticipatory breech of contract and sue him for the return of the car (check the laws in your state)
That might be enough to get him to change his mind about wanting to get you off the loan too.... His behavior (not towards you but towards the loan) will dictate how agressive you have to be but
right now he has NO incentive to take your name off...
(his new chick finding out, loss of the car, or whatever else you can think of that might have negative consequences for him will make him more able to see how taking your name off will be beneficial to HIM)
FIND A WAY TO MOTIVATE HIM!!!
2007-03-06 02:39:54 · answer #3 · answered by lisa s 6 · 0⤊ 0⤋
Only if the person can assume the loan all by him or herself according to FMC's credit standards. Call them and find out the procedure to get yourself off the loan.
I'm not going to state the obvious, but I hope you learned your lesson.
2007-03-06 01:52:03 · answer #4 · answered by cardinalboy97 3 · 2⤊ 0⤋
to co-sign is the most stupid thing you can do!
the only solution is to ask Ford Motor Credit.
2007-03-06 02:02:40 · answer #5 · answered by Vampir V 3 · 1⤊ 1⤋