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Replacing a Co-signer on a car loan
Rubick
Registered User regular
Registered User regular
Almost two years ago, I did a stupid thing and co-signed on a loan for my then-boyfriend. We broke up some months later, and he promised to get my name taken off the car loan. A few months after our break-up, I get a copy of my credit report, and the loan is still on there. Several months of communication with him followed - he looked into getting a new loan, but the one he got through the car dealership was for 0% APR, and of course any replacement loan he would get would carry a level of interest on it. He looked into doing a transfer of equity, but that would carry fees along with it. All of this information I got by calling him and directly asking him what he was doing about it, or calling the lender and asking them - he has never voluntarily contacted me and let me know what was going on, as I'm sure he's hoping I'll just forget about it until he pays off the loan in 3 years or so.
This situation has been on-going for several months. This past November, he told me his dad was going to get the car loan in his name, and there would be forms he would fax for me to sign. Now we're almost into January, and no forms have come my way. I called the lender today, they informed the last time he called was in July, and there is no evidence of a transfer of equity being in process. Due to his and my work schedules, I won't be able to get him on the phone until Wednesday. Any advice or suggestions as to what I can do to get my name off this loan and his possible effects on my credit would be greatly appreciated. I understand I entered into this agreement and I may just have to deal with it, but if there's anything at all that is feasible for me to try, I'd like to see it through. The loan was taken out in MN, I currently live in TX and he is still in MN. The lender is GMAC. My name is also on the title.
He has never been late on a payment, and I honestly don't think he will be, unless he loses his job (which isn't something I'm worried about). I just don't trust him, I want this link and agreement gone, he has agreed everytime I've talked to him to do something about it, and I have pretty much perfect credit and I want it to stay that way.
This situation has been on-going for several months. This past November, he told me his dad was going to get the car loan in his name, and there would be forms he would fax for me to sign. Now we're almost into January, and no forms have come my way. I called the lender today, they informed the last time he called was in July, and there is no evidence of a transfer of equity being in process. Due to his and my work schedules, I won't be able to get him on the phone until Wednesday. Any advice or suggestions as to what I can do to get my name off this loan and his possible effects on my credit would be greatly appreciated. I understand I entered into this agreement and I may just have to deal with it, but if there's anything at all that is feasible for me to try, I'd like to see it through. The loan was taken out in MN, I currently live in TX and he is still in MN. The lender is GMAC. My name is also on the title.
He has never been late on a payment, and I honestly don't think he will be, unless he loses his job (which isn't something I'm worried about). I just don't trust him, I want this link and agreement gone, he has agreed everytime I've talked to him to do something about it, and I have pretty much perfect credit and I want it to stay that way.
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Rubick on
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As long as he makes all his payments on time, you have nothing to worry about. If anything, it will help your credit after it's paid off.
But nothing you can do on your own that I know of.
The above is based on the assumption that your ex isn't a lunatic, and you still have a reasonable post-break-up relationship, which it seems like you have.
I'd also say that although you trust him, you are still concerned about your liability since you aren't together, and should something EVER happen, you have no reasonable solution due you guys living so far a part.
Yeah, not to be a dick, but unless the contract had a "unless we break up" clause, then you're options are limited.
Muthu
Car Loans
Too bad they were never married and if the loan were paid off she wouldn't have an issue. As has been pointed out she's pretty much stuck unless the ex really wants to change it, and he probably doesn't because this is a good deal from him. I've watched enough daytime court tv to know that doing something like this is never a good idea.