How do you get someone off of your car loan?
What steps do I need to take to get someone off of my car loan? I bought a car with my brother during college, so we cosigned the loan. But he never uses the car anymore, I make the payments myself, and he doesn’t like the idea of having that legal responsibility.
- First, talk to your lender about the issue. If your lender is agreeable, they may let you remove your cosigner! But they also have the right to refuse.
- Refinancing the loan is another way to remove a cosigner—though it’s really just paying off the loan they cosigned. When you refinance a loan, you’re essentially taking on a new loan with better terms to pay off your first one. Since the new loan will be paid off, your cosigner will no longer be needed!