What canI do to take off my name of my ex-boyfriend’s car loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What canI do to take off my name of my ex-boyfriend’s car loan?
My ex-boyfriend and I bought a car last year. We are not together anymore. He doesn’t pay the loan payments on time yet he’s the one who drives it. I told him to refinance it so it can be just in his name buthe doesn’t want to. What can I do? The bank keeps calling me; he doesn’t care.
Asked on August 23, 2011 Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The problem that you are now in is due to the fact that you are a co-obligor on the loan for your former boyfriend's vehicle and he is not making any payments on it. The result is that your and his credit rating is being damaged.
You can ask the current lender to take your name off the loan for the car, but it is under no obligation to do so. The best way for you to get off the loan is for it to be refinanced by your former boyfriend but most likely that will not happen.
If you want to protect your credit and have the money, you can pay off the car loan, get a written assignment of the loan from the lender and repossess the car as if you were the lender. You could then auction off the car and depending whether it sells for less than what is owed, sue your former boyfriend for a deficiency on the loan.
Unfortunately you have learned a hard lesson about being a co-signer for a loan.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.