How do I take my name off of a car loan?

I cosigned on a car loan with my son about a year ago, but he has since decided that he wants to be more independent. Is there any way to take my name off of the loan?

Wanting more independence from our parents is a part of growing up, so it makes sense your son is looking to take you off his loan. To remove your name off of the car loan, your son will need to talk to his lender.
Most lenders will require your son to qualify for the loan. Typically, this means meeting the lender’s income and credit requirements. If he meets them, you’ll sign a cosigner release form to remove yourself from the loan.
If your son doesn’t meet the financial requirements for a cosigner release, he may need to refinance the loan as the sole borrower. Here’s how:
  • Your son should shop around before settling on a loan. He’ll need to look at the interest rate, repayment terms, fees, and other elements of the loan contract.
  • Then, he can apply for the new loan. He’ll need to provide any documents the lender needs like his paystubs, driver’s license, and proof of residence.
  • If the lender approves the loan, your son will sign the contract as the sole borrower. From there, you’ll no longer be responsible for the loan.
If your son is looking for refinancing options, consider using the Jerry app. Jerry compares quotes from multiple lenders and avoids the hassle of researching and sending documents to potential lenders on your own.
Liz Jenson
Answered on Dec 02, 2021

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