To make a very long story into a short one, I have a car loan out with a co-signer. The car is in my name just has her as a back up for credit reasons. I tried to refinance a few weeks ago with my bank & was shot down due to some past credit issues. The co-signer contaced me today & said she wants her name off the loan cause she is moving.

What are my options ?

Even though my credit is not good I have been paying on this car monthly for around 5 months. I know that hasn't been too long but will it help out any ?

I need some options here because I guess she has every right to ask that & I should do that for her since she did offer to co-sign in the 1st place. But it seems to me my hands are tied though & I need advice.

Thanks all

 

she can't get out of a co-sign easily.

if you find someone with BETTER credit than her to assume another co-sign for the same lease, then that's about it.

and if she's going to be mad if you can't, then that's what she will be. ex-girlfriend?

I got my ex-mother in law off my old car, becuz she wanted to and i wanted to and so that car was used as a trade in on another vehicle which got her and me off of the agreement only by entering another with the dealership, but they got to keep a huge chunk of cash becuz of it.

 

Well, this is sort of out of your hands. If you can't get the loan refinanced and out of her name, then you just can't help her. As an adult, it's her responsibility to know what she's getting into when you sign your name to a contract.

In fact, just you trying to get it refinanced is a favor to her. You certainly are under no obligation to do so in the first place. But you're a nice guy, so you at least tried.

 

yeah u have to refi it thats the only way out. they gave you the loan because she (co) is there to back you up.
If you cant get a refi/trade in approved, its just that. you'll have to wait it out until things change on your end.

 

seattledave - Yeah ex-girlfriend Long story but with what she did to me & put me through, not only should I not care but I also shouldn't even try to help her out on this. But I would love nothing more than to see her name come off the loan.

Jenna - Thanks for noticing that & proving there are some decent respectable women out there who notice a good guy.

 

i understand, you want nothing to do with her, she wants nothing to do with you.

Here's a sure fire way you can let her know how you can end the relationship with the car: you'll default and she'll assume the lease.

 

LMAO

Quote from Fletch " Ohp there's (nameless), boy won't she be surprised"

 

Pretty much covers it, she's SOL. You do not want to refiance a depreciating asset, it's not worth it.

message to her: Sorry toots, you're on it, get over it, and don't say anything else about it unless you want a repo on your credit. Now get on getting on, and don't let the door hit you on the way out.

 

ooo, and you can now ask her for loans if you fall behind on your car payments. not sure if that's blackmail, maybe.