QUESTION

can you remove your name from being a cosigner for an auto?

Asked on May 16th, 2012 on Consumer Law - North Carolina
More details to this question:
N/A
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1 ANSWER

Mortgage Banking Law Attorney serving Peachtree Corners, GA at Franzén and Salzano, P.C.
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This is unlikely to happen, but it can't hurt to ask. If the primary obligor has paid timely and improved his/her credit, I suppose it is possible, but I don't think I've ever seen it happen.  The lender has no incentive to do so now. It's better to keep you on the hook, and the car's already sold/financed. Another option would be to have the primary obtain another loan (without you) to pay off the loan you co-signed. That way you'll be off the hook without the consent of the existing lender. Think carefully next time you sign on the dotted line - especially for someone else!    
Answered on May 17th, 2012 at 7:46 AM

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