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How do I remove my name from a joint car loan?
I'm a co-borrower on a car loan with my now-ex-boyfriend. I don't want to be on the loan anymore, and I told him he can have the car as long as he takes over the payments. We're cordial right now, so this shouldn't be an issue. How do I remove my name from the loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your breakup! Those are always tough, but at least you’re acting cordially enough to manage the financial aspects of your relationship.
To remove your name from a joint
car loan
, you essentially have two options: refinancing or selling the car. Since your ex wants to maintain ownership, selling the car is out. So the only option is to refinance the vehicle. This shouldn’t be an issue if your ex’s credit score and income allow him to qualify for a loan. In the meantime, you can save some money by removing your name from the
car insurance
policy. Co-borrowers aren’t required to be on the insurance, especially if you don’t drive the car or don’t live with your ex anymore.If you have the financial means to do so, you may also want to look for a car of your own. Whether you purchase a new or used vehicle, make sure you have the insurance to legally drive and protect your investment. Use the
Jerry
app to compare rates and get the best coverage for your vehicle.View full answer
- Gregory R.
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