Fear not, as there are two main ways to remove your name from a joint auto loan: refinancing or selling the vehicle.
- Refinancing. If the other co-borrower wants to keep the car and you want your name removed from the loan, they can try to qualify for refinancing.
- Sell the car.
How do I get someone’s name off my car loan?
Good news, though – you can remove your name from the loan and get your name off the title. This can be done by refinancing the car loan and making either one of you the sole owner of the vehicle. Refinancing is the only way to remove a co-borrower from an auto loan.
How can I get my Ex off my car loan?
However, your ex is still responsible for the debt if their name remains on the car loan. You can remove your ex from the loan using several different methods—refinance the loan, pay off the loan, ask for a substitute loan agreement, or sell the car.
What happens when you co sign a car loan with an ex?
Obviously, no one co-signs thinking the other person on the loan is going to be a an “ex” at some point in the future. When that changes, finances can suffer. Still, the good news is that you can usually get you or your ex off a co-signed loan. Your options when you’re stuck on a loan with an ex: Keep the car, make the payments, and pay it off
What happens if I stop making payments on my car loan?
The refinancing process could take a month or so. In the meantime, you need to continue to make payments on your current car loan. If you stop, then you could go into default. If you go into default, your new refinance company might cancel the new loan and you won’t be able to refinance.
Can you remove someone’s name from a joint car loan?
You may have needed a cosigner or co-borrower to get approved, but things change, and you may no longer need or want their name on the loan. If you want to remove someone’s name from a joint auto loan, you need to refinance the loan on your own.
