How do i take my name off a car that is under 2 owners and still on finance?
My dad and i purchased a car together on finance. It is under both our names. He uses and pays for it. How can i take my name off it? URGENTLY! As it is accumulating debt and bad credit for me that i don’t want.
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Comment by Mallory
Call the insurance agency or even the people you bought it from.
Posted on September 7, 2010 at 4:56 pm
Comment by Matthew M
If you signed for it and he cosigned for it, you both own the car until it is sold. Once you sign on the line, its yours until its sold or paid off.
On second thought, maybe you can go to the Secretary Of State (Michigan) or your DMV and have the title transferred to your dad.So it will go from him owning 50% to 100%. Might work.
Either way though, you are still responsible for paying off that car. If you are the main person and you stop paying, then they go collect from your dad or visa versa.
Posted on September 7, 2010 at 5:52 pm
Comment by Aster
If you signed up to have your name on the loan, you are responsible for the debt too. You could take the car and sell it to avoid more bad debt. Talk to the lender about options.
Posted on September 7, 2010 at 6:48 pm
Comment by mbrcatz
You pay the car off.
That’s the only way. Neither owner can get “off the hook” for ownership of the car while the loan is still active.
If you guaranteed the loan, well, that means, if/when your father defaults on the loan, they come after YOU to make good on it. That’s what it means, that’s what you agreed to by buying a car with him.
Posted on September 7, 2010 at 6:55 pm
Comment by HEATHER
Unless he can refinance in his name alone, you are stuck. Another example of why cosigning is a bad idea.
Posted on September 7, 2010 at 7:30 pm