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  1. #1

    Default How Can a Cosigner Get Released from an Auto Loan Contract

    My question involves a consumer law issue in the State of: illinois
    If the primary loaner paying regularly, and as a cosigner (me) want my name out of contract. What is my option?

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    Default Re: Cosigner Want My Name Out of Contact

    Quote Quoting Cosignvictim
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    If the primary loaner paying regularly, and as a cosigner (me) want my name out of contract. What is my option?
    You can request that the lender remove you as a guarantor of the loan but the lender has no obligation to do so and very few will do it. After all, if the debtor should stop paying at some point the chances of collecting the loan are better if the lender can go after two people for it rather than just one.

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    Default Re: Cosigner Want My Name Out of Contact

    If the lender won't agree to release you as a cosigner, the remedy is for the borrower to refinance the loan with a lender that does not want a cosigner or will accept a different cosigner.

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    Default Re: How Can a Cosigner Get Released from an Auto Loan Contract

    Quote Quoting Cosignvictim
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    My question involves a consumer law issue in the State of: illinois
    If the primary loaner paying regularly, and as a cosigner (me) want my name out of contract. What is my option?
    If the lender won't turn you loose, you can ask the borrower to refinance the loan into his/her own name.

    If either of those two options don't work than you are stuck as co-signer until the loan is paid off.

  5. #5

    Default Re: Cosigner Want My Name Out of Contact

    I just talk to the bank , they told me i can refinance the car under my name without asking the primary loaner. If i do it did i break any law,

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    Default Re: Cosigner Want My Name Out of Contact

    Quote Quoting Cosignvictim
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    I just talk to the bank , they told me i can refinance the car under my name without asking the primary loaner. If i do it did i break any law,
    Why would you want to do that? Then you are solely responsible for the loan. Understand that refinancing the car will not, by itself, change the title to the car. So if the title is in the name of the other person, he or she will still own the car. Do you want to be the sole person paying on a car for which someone else has title?

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    Default Re: Cosigner Want My Name Out of Contact

    Quote Quoting Cosignvictim
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    I just talk to the bank , they told me i can refinance the car under my name without asking the primary loaner. If i do it did i break any law,
    Whose names are on the title?

    Is this a boyfriend/girlfriend thing where the relationship is over?

  8. #8

    Default Re: Cosigner Want My Name Out of Contact

    Because her credit is really bad, and theres no way she can get it refinance by herself, instead of messing up my credit i just want to take full responsibilities on the car, the bank said if im gonna refinance the car by myself the ownership will be transferred to me. I wanna do it, if thers no way she can get back on me.

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    Default Re: Cosigner Want My Name Out of Contact

    Quote Quoting Cosignvictim
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    the ownership will be transferred to me.
    You didn't answer the question about the title but that statement implies that her name is on the title.

    That means that ownership DOESN'T transfer to you unless she signs over the title.

    So, before you do anything, get her to sign over the title, give you the car and the keys and then you can refinance the loan into your own name.

  10. #10
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    Default Re: Cosigner Want My Name Out of Contact

    Quote Quoting Cosignvictim
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    Because her credit is really bad, and theres no way she can get it refinance by herself, instead of messing up my credit i just want to take full responsibilities on the car, the bank said if im gonna refinance the car by myself the ownership will be transferred to me. I wanna do it, if thers no way she can get back on me.
    The bank is incorrect...and yes, if you could somehow pull it off, she absolutely can sue you, and might even have a criminal case against you.
    If you do anything without her knowledge and approval you could have serious problems.

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