Is there any way to get out of being a cosigner on my ex-boyfriend's car loan?

"I cosigned on my boyfriend's car loan because he had poor credit. Six months later, we've now broken up.

Is there any way I can get my name as a cosigner off my ex-boyfriend's car loan?"

Answer
“It all depends on your ex and whether they’re willing to work with you or not.
If your ex refinances, you can get your name off the loan. If you can convince the bank and your ex to agree to a cosigner release, you might be able to get out of it.
But if you broke up on bad terms, your options are limited. If he stops making payments, you’re on the hook for them. If you don’t have the money, this can potentially ruin your credit.
In the future, a good rule of thumb is to only cosign on car loans for family members to avoid these types of situations.”
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Eric Schad
Answered on Jun 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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