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How can I take my name off a car loan if I'm a co-borrower?
I'm a co-borrower on my son's loan, but he's built up his credit and savings enough that he's equipped to pay the loan on his own. How can I remove my name from the loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, if you’re a co-borrower (and not a cosigner), you can’t just take your name off a
car loan
. The only way to remove yourself in this situation is to refinance the car loan.Your son’s income and credit report will play a pivotal role in removing your name from the car loan. He needs sufficient income to pay for the loan and good enough credit to get refinancing approval. If he doesn’t have this, you probably shouldn’t try to remove yourself as a co-borrower.
If he’s a borderline candidate for car loan approval on his own, you may want to refinance the car and then get added as a cosigner. As a cosigner, you’re still financially responsible for the loan, but you can remove your name easily in the future by filling out a cosigner release form.
If you remove your name from the loan or become a cosigner, you may also be able to remove yourself from his car insurance policy. If your son is looking for a more affordable policy,
Jerry
can help him compare quotes from up to 50 top insurers to access hundreds of dollars of savings each year.MORE: How to get a cosigner for a bad credit car loan
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- Gregory R.
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