Ex BF and I took out a truck from toyota loan is under my name as primary owner and he is on it as co-owner. I want my name off the loan and truck so I have no more strings attatched how do I go about this? He doesn't want to trade it in and he can't refinance it cuz his credit is screwed up.
Lemon Law Attorney
The car loan company has to consent to your name being taken off the loan (and most won't). If they won't agree to it, then the only way to get your name off the loan is for the ex boy friend to go get his own loan and pay off the old loan. If he can't, or won't, then you are probably stuck. Co signing a car loan can be risky, but it is perfectly legal. You can end up being liable for the loan balance or your credit could be damaged when the other person defaults on payments. Always think twice before agreeing to cosign a loan for someone else. You should talk to a contract law attorney near you. Call your local attorney bar association and ask for a referral to a contract law attorney.