how can I get my name off of a joint car loan?
I have a joint car loan where I am the primary, tried to help someone get a low interest rate since my credit is excellent (I know BIG Mistake) my name is not on the title of the car and the man is not paying his car payments, so I have been paying it in addition to loan protection. I just don't want to ruin my credit after working sooo hard to get it to where it is. How can I legally get myself out of this. The man does not qualify for any kind of loan from a reputable bank. PLEASE Help. And please say what you want to say, I created this headache with my own hands, thank you for your input,
- spiritedrinoaLv 51 decade agoFavorite Answer
Unfortunately unless the other signer can qualify for a loan, you're stuck with the loan and the payments.
However, if you're on the loan, chances are good that you are on the title (this is the case for my father and I, as he cosigned as secondary on my car loan). If you were a part of the purchase transaction, your name is on the title, and the bank is holding the title while they have a lien on it.
My recommendation is to look into the matter of the title, ensure your name is on it, and see how you can go about obtaining the vehicle (this might require court, serving papers to the other party, etc, unfortunately). From there, you can either keep the vehicle that you're paying for, or look into how you might be able to sell it to a dealership or another person, at least. You're nearly guaranteed to lose money on this deal, unfortunately.
Best of luck in resolving this!
- reinadelazLv 61 decade ago
As the bank holds the title to the car, I find it very unlikely that your name is not on it, especially if you are the primary debtor on the loan. Maybe you are not on the registration, but you may be confusing the two. The only way to get your name off the loan is for the loan to be paid in full. Laws vary from state to state, but you should look into the possibility of taking possession of the car from the one who is not taking responsibility.
- patrickLv 61 decade ago
You are legally bound to pay off the debt. A joint loan is written to make each party fully responsible if for whatever reason one of the parties doesnt pay.
The only hope that you have is to convince the deadbeat to get a conscience, and if he cant pay, to sell the car. Then take the proceeds and make up the difference and pay off the loan.
- Anonymous1 decade ago
There is no way to get yourself out of that. I am sorry, this is all on you for being so silly to sign away something as important as your credit score.