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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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I co-signed daughter on a vehicle a little over 6 months

Customer Question

I co-signed for my daughter on a vehicle a little over 6 months ago and for multiple reasons, I would like to get my name off of the vehicle. I have good reason to believe it would be in my best interest at this point to not be involved with anything to do with her finances, unfortunately. I only have about 9 days to get this figured out before I have good reason to believe she will be leaving the state. I have already had to pay for her insurance this past month after getting notices from the insurance company that her payments have been rejected by her bank from insufficient funds. There are other causes for concern that co-signing for her was a mistake and I would like to do whatever I can to get my name off the financial agreement. I appreciate your advice and time. Thank you. Glen
Submitted: 10 months ago.
Category: Legal
Expert:  CalAttorney2 replied 10 months ago.
Dear Customer,Thank you for using our forum. My name is ***** ***** I look forward to assisting you today.Unfortunately, the only way to extract yourself from this transaction would be to end your contractual liability with the lender.This can happen in 2 ways:The primary borrower (your daughter) refinances the car with a new loan (either from the same lender or a new lender), and the original loan is paid off, so the current loan (and your obligation as a co-signer) is terminated.This is the most common mechanism to end a cosigner's liability but it is conditioned on the primary borrower's applying for a new loan, and the new lender actually approving such a loan (so if your daughter refuses to apply for such a loan, or if she does apply for one, but is refused, it will not work).The lender agrees to release the co-signer. This rarely (if ever) happens. You can contact the original lender, see if they will agree to such an arrangement, and if so, what requirements they have. Most lenders refuse to release a cosigner because they made the loan originally based on the liability of 2 borrowers (or more), and the risk is based on the increased likelihood of recovery based on having more parties (not less) available to recover from.

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