Can a Someone Remove their Name from a Car Loan?
|
Summary
My son and his girl friend bought a car earlier this year.The car is in his name and she is the co- borrower. The car was bought for her and she makes the payments on the loan. They have now broken up. Is there a way to get his name off of the loan so he is not liable. |
“My son and his girl friend bought a car earlier this year.The car is in his name and she is the co- borrower. The car was bought for her and she makes the payments on the loan. They have now broken up. Is there a way to get his name off of the loan so he is not liable.”
She likely would have to obtain re-financing to get his name off the loan, as apparently the credit agency looked to both of them to get them the loan. She may agree to try to do this because the car is in his name, and he may be able to enforce his ownership rights of the vehicle, putting her in more of the position of renter, rather than owner of the vehicle. An other part he needs to be concerned about is potential liability if she injures someone else in an accident with that vehicle. As record owner of the vehicle it would not be outlandish for your son to get sued for her wrongs if she is under-insured for damages she does to someone else while entrusted with possession of the vehicle.
Got a ticket or a DUI charge? Set up a confidential FREE consultation with a DUI and traffic attorney in your area who can explain your rights and options to you! Beat that ticket or DUI! Don’t delay! Time wasted can have a serious impact on the outcome of a DUI or traffic case!
|
Get notified whenever ANY new article is posted to DearEsq!:
*We NEVER share your email address with anybody! |
What to do to Remove Secondary Person/Name from a Deed and Loan?
Changing the Name on Loans After Divorce
I Gave a Friend a Loan and he Used Equity on his Home as Collateral, Now that the Property is Foreclosed What Should I do?
For more on this subject check out these categories: Automobile & Traffic Laws, Contract Law, Credit Law, Finances
Michael Durgavich is an accomplished attorney and mediator. Maintaining a general practice in the San Jose, California area, Mr. Durgavich specializes in family law, bankruptcy, and alternative dispute resolution. Mr. Durgavich can be reached through his website at http://www.MichaelDurgavich.com. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.