How can I remove my ex-husband as a co-signer from my car loan?

How can I get my ex off of my car loan? He is getting remarried and I honestly want to cut all ties with him. I can't even stand talking to him. Is there any easy way to remove him from my loan?

Answer
I’m really sorry to hear about your situation—that is really tough. I’m happy to say that you can remove a cosigner from a loan. However, the difficulty of doing so will depend on how good your credit is and if you have made the payments on time.
The first step will be to look at your loan contract for a cosigner release option. If you are lucky enough to have this option written in your contract, this means you can remove the co-signer if:
  • You have made a certain amount of on-time payments
  • Your credit score hasn’t gone below a predetermined number
  • You are the main account holder
If you do not see this clause, there are a couple of other options. How is your credit score looking? If you have made timely payments and improved your credit score, you may be able to refinance the loan. Then you could remove the cosigner altogether since you would qualify for a loan on your own.
If you don’t qualify for refinancing, the only other option is to pay off the loan in full. If you don’t have the funds, you may need to borrow from a friend, family member, or your 401K plan if you have one available.
It can be hard to share a loan with someone you don’t even want to talk to. If you can’t get out of the loan right away, save up and make as many extra payments as you can so that you can pay it off early.
One way to save money is by getting a cheaper car insurance policy. This is where Jerry can help! We’ll get you customized quotes from top-of-the-line providers, so that all you need to do is choose the plan that works best for you—and we’ll even help you switch! If you have any questions, you can text an agent for assistance at any time.
Best of luck with everything, and hopefully you’re able to get your ex off the loan soon!
Shannon Martin
Answered on Oct 25, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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