As a co-signer for an auto loan, can I take my name off the loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
As a co-signer for an auto loan, can I take my name off the loan?
My boyfriend and I separated after 5 years. We bought the car 8 months ago. My ex is the one that pays for the loan, the maintenance, etc., for this car. I have absolutely no use of it.
Asked on July 7, 2012 under Bankruptcy Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Unfortunately, no, you cannot remove yourself from the loan, and it doesn't matter if you get no use or value from the car, or make the payments for it. In co-signing the loan, you essentially agreed contractually to guaranty the debt. As a contract, it can only be modified by the consent of ALL parties--including the lender and your ex-boyfriend. Every party to the agreement would have to agree to allow you off it--but there is no reason for the bank/lender to do that, since by allowing you off, all it does is reduce its chance of getting paid (i.e. if your ex-boyfriend defaults, it would not be able to seek payment from you) without getting anything of value in return. You can certainly ask to be released, but it is very unlikely (at best) that the lender would consent--and your ex would have to consent, too.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.