English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I signed for a car loan for someone with the agreement they refinance and put loan in there name after a year
And remove my name from the loan when we signed for the loan the other personas credit was bad so i signed first and them second on the application. My name is not on the title as co owner or second secured party. THE person has tried to get a loan supposedly but was told the car is not worth what they owe on it . And supposidly cant get a loan. THEY have been making the payments but i want my name removed it was just to help them establish good credit, I have a signed document of them agreeing to refinance and remove my name . What can i leagly do ? to get them to look harder into finding a credit union or bank that will give them a loan and get my name off of it.

2007-09-17 12:54:00 · 6 answers · asked by bobrob m 1 in Business & Finance Credit

6 answers

Hey Guys

Debt is a horrible thing, we all try not to get into it but sometimes lifes circumstances and choices wind us up in a pile of debt. Personally, there is a wealth of knowledge available, and with a little thinking and planning, you can systematically get rid of all your debt. I used to be in big debt, a few hundred thousand, however from about the past year or so I have been living debt free. Im not promoting anything here, I just want everyone to know that its possible. I write about my experiences in regards to Debt Consolidation, Car Loans, Credit Cards, Student Loans on my blog at http://credit-and-loans.blogspot.com/ so stop by if you get a chance and leave some comments.

http://credit-and-loans.blogspot.com/

2007-09-20 22:06:14 · answer #1 · answered by Anonymous · 0 0

Chances are that the loan is for more than the car is worth and the person's credit isn't good enough to refinance in his own name. He's going to need a chunk of cash to pay down that loan before he will be able to refi.

Unfortunately, you are stuck. And in a particularly bad position since you are only on the loan and not the title.

2007-09-17 13:03:42 · answer #2 · answered by bdancer222 7 · 0 0

You can't do anything to get your name off the loan. You signed for it - you're stuck with it unless they refinance - and it's very possible that they can't.

Just be very glad that at least so far they're making the payments. If they don't, you'd have to - and since you aren't on the title, you wouldn't have any rights to the car even if you were making the payments.

2007-09-17 13:32:54 · answer #3 · answered by Judy 7 · 0 0

WOW, you're a good brother. Yeah, wait a few months, and either take out another loan with just your bro's name or transfer the loan to his name. He should start building nice credit now.

2016-05-17 08:39:38 · answer #4 · answered by ? 3 · 0 0

Nothing, your name is on the loan as a co-signer. Your stuck Chuck. NEVER, EVER, EVER, EVER co-sign a loan. The only thing you have going for you is that this person is making the payments.

Think of this as an expensive, never racking lesson and pray to your God that they continue to make the notes.

2007-09-17 13:00:00 · answer #5 · answered by kba1a 3 · 2 1

hi,
checkout this site...
You can get all the details from the site...

Ra

2007-09-18 02:40:04 · answer #6 · answered by swany r 1 · 0 0

fedest.com, questions and answers