How do I get my name removed from a car loan?

I was a co-borrower on a loan for my son, but he just graduated from college. In an effort to make him a full-fledged adult, I want to get off his car loan. How do I do it?

If you’re named as a co-borrower, the only way to remove yourself from a car loan is to refinance the vehicle. (This is different from a cosigner.)
In order to qualify for a refinance, your son must have steady income and a good enough credit score to get a loan on his own. If this isn’t realistic, you could refinance the vehicle and switch your role to that of a cosigner or guarantor, which means you will only have to make payments if your son absolutely can’t.
If he doesn’t qualify for the refinance, work with your son to improve his credit score over time. Hopefully in a year or so, your son will have built enough credit history and have the income to take over the loan fully.
When your son finally takes over the loan on his own, he should shop around for cheap car insurance to make all his payments easier. Jerry can help him find hundreds of dollars in annual savings for free!
Eric Schad
Answered on Nov 17, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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