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  1. #1
    Join Date
    Oct 2010
    Posts
    4

    Default How to Get Out of Car Loan Where I Co-Signed

    My question involves an auto loan or repossession in the State of: IL

    I made a big mistake. A close friend of mine, who has terrible credit, asked me to cosign on a car loan for his 19 year old daughter with no credit. I agreed and actually, I ended up being primary borrower on the car and she is secondary borrower. Both of our names are on the vehicle registration. She has the car and has made the first payment, however some things about her ability to make good decisions with the car and it's use has lead me to realize that I want out of this situation. What is my legal right to re-selling the car? Does she have to sign it away, or can I take the car and get rid of it without her signature? I don't really want to keep it, but could trade it for something else or try to sell it outright. The lender is a credit union which we joined at the time of the sale of the car. I would appreciate any help (and yes, I have learned my lesson to never be a co-borrower again!)

  2. #2
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: to Get Out of Car Loan Where I Co-Signed

    Your only hope is to sell the car. There is NO WAY the lender is going to let you off the hook.

  3. #3
    Join Date
    Mar 2009
    Location
    LA LA Land
    Posts
    9,170

    Default Re: How to Get Out of Car Loan Where I Co-Signed

    Quote Quoting vbalmer
    View Post
    Does she have to sign it away, or can I take the car and get rid of it without her signature?
    It depends on how the title is drawn out... Whether it has an "AND" or an "OR" between your name and hers.

  4. #4
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: How to Get Out of Car Loan Where I Co-Signed

    and bells did not go off on your head before you co-signed? You likely cannot sell the car yourself. You are either a co-owner or co-borrower. If you are a co-owner then you accept any legal consquences of the ownership as well..hope you have plenty of cash in the bank dude.

  5. #5
    Join Date
    Oct 2010
    Posts
    4

    Default Re: to Get Out of Car Loan Where I Co-Signed

    I don't want off the hook, I want to get her off the loan so i can sell the car legally. Can I sell or trade it in without her signature/consent?

    Quote Quoting That Guy
    View Post
    It depends on how the title is drawn out... Whether it has an "AND" or an "OR" between your name and hers.
    I don't have a title for the car, just registration which has both names, no "or" or "and". My understanding is that I am the primary lender and she is my "co-signer"

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