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| *Loan,banking and credit>>>auto loan |
What can I do to get my name off an auto loan and put it in my cosigners only? |
My boyfriend cosigned the loan on my car. We broke up and he took the car and moved across the country with it. I'm fine with that as long as he puts the loan into his name only and my name comes off everything so I'm not liable. There is $1645 left on it. Can we just get the dealership to take my name off and put everything in his name? How would he go about 'refinancing' it so I can get my name off? Also, am I vulnerable from a legal standpoint? Can I get sued for any accident the car is involved in? I don't know if he's paid the insurance but he told me that in Illinois only the driver is at fault. Anyone know? The ONLY way to get your name off the title and off the loan is if he refinances the car IN HIS OWN NAME. There are no ifs ands or butts to this situation. The only way to know if you are legally liable for the car as far as accidents go is if the state the accident was in automatically imputes liabilty to the registered owner. If it does automatically carries over to the registered owner then you are on the hook. If it doesn't, it falls solely with the driver. In most states however, it does ultimately fall on the owner of the car and no one else. It would be up to YOU to sue the driver for damages. the only way to get your name off is to pay it off. He can possibly refinance, but i think it doesn't work that way unfortunately your boyfriend would have to go through the trouble of refinancing it. that would be the only way I know of to get your name off it. you could try calling the financial institution that holds the loan and see what they say What about refinancing? How does that work, though? |
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