What are my options to remove my name as a co-signer of a car loan?
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What are my options to remove my name as a co-signer of a car loan?
I am a co-signer on my ex-fiance’s vehicle. I have contacted the loan office to get removed from it. I have contacted my ex to gethe removed from it. The loan office tells me there is nothing that they he can do. And now I have no way to contact my ex, as it’s been 10 months and he still hasn’t done anything to remove myself from it. Only options I can think of is to take him to court or just take the car and pay it off or sell it. What are my legal options?
Asked on February 18, 2016 under Business Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You can't "remove" yourself from the loan unless ALL parties to the loan--the co-signer, and the bank or financing company--agree to it, because any change to a contract (and a loan is a contract in this regard) requres everyone who's a party to the contract to consent or agree to it. You could pay off the loan then sue him to recover the share or amount he should have paid--that's your only real recourse.
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