How do I get off of a cosigned car loan?
My boyfriend and I recently broke up, and all our finances have been separated except for his car loan. His credit was awful when trying to get a loan, so I agreed to cosign. I no longer want to be liable for his decisions. How can I be removed from a cosigned car loan?
- Check the contract to see if there is a cosigner release option.
- If the contract does not detail the removal process, contact the lender and ask them if removing your name from the loan is an option.
- Have your ex-boyfriend refinance the car so he is the only one on the loan.
- Pay off the loan to fulfill the financial obligation and be released from the liability.