We both went into buying this car together and now im not using it anymore and he just wants it in his name. Is there anyway of getting my name off that loan? or am i stuck on it until he gets it paid off?
2007-06-08 15:46:38 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The bank would need to agree to refinance the car in just your dad's name. This would be unlikely to happen, the bank would need to agree to refinance it for what he owes on the car and using only his credit. Because the vehicle is older now the interest rate would likely jump significantly and they may even require some money down from him. If this isn't hurting your credit (ie Dad is making the payments ontime and in full) I wouldn't worry about it because he is probably helping your credit and not hurting it.
2007-06-08 17:58:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you sign the loan you agreed to a contract between you, your father and the lender. The only way out is to pay it off or have your father refinance without you. Even signing the title over to just him will not get you out of a loan.
Never, NEVER, NEVER cosign anything for anyone except your spouse. When it goes wrong it goes very, very wrong.
2007-06-08 22:57:05 · answer #2 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
simplest - is he buys the car from the loan company. u get off loan and never ever do this again. u lucked out and haven't gotten burnt.
2007-06-08 22:51:55 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Just call the bank or whoever did the loan and tell them to take you off. You and your dad might have to go together and sign papers and your dad will have to have good credit.
2007-06-08 22:54:09 · answer #4 · answered by Jimmie 4 · 0⤊ 3⤋
The Lender has to agree to this to get your name off. Most won't agree to this, as it lessens their security with no balancing advantage to them.
2007-06-08 22:58:01 · answer #5 · answered by open4one 7 · 0⤊ 0⤋