How doI get my name off a joint loan?

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How doI get my name off a joint loan?

My daughter’s father and I were put on an auto loan together. He had his mother as his co-signer and I had my father as mine, however the company put us together making me the co-signer. We are no longer together and I asked the company if they could take me off so that I could pay just my amount and they said no. How is that possible if we both are own co-signers to begin with and were not married. What if anything can I do?

Asked on August 24, 2011 Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You are experiencing the down fall of being a co-signer on a loan where you really get no physical benefit of the item that was the basis for the loan. When one signs a loan as a co-signer, the co-signer is legally obligated on the loan as well as all other people who sign it.

The lender has no obligation to release any co-signer under any loan. The rationale of a lender is that the more people on a loan as obligors, the better for the lender in the event the primary borrower cannot make the monthly payments.

The only way to get your name off the joint loan you are on is a follows: 1. pay off the obligation remaining in full; 2. have the existing loan refinanced where the old loan is retired and a new one is put in its place where you are not on the new one as an obligor.

Good luck.


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