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Can I remove my name from a joint car loan if I'm a co-borrower?
I bought a car with my wife last year, but now we're separated. I agreed she could have the car under the condition that I get to remove my name from the loan. Can I do this if I'm a co-borrower?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your separation, but hopefully, these tips will make taking your name off the
car loan
as quick and easy as possible.While you can’t simply remove your name from the car loan because you’re a co-borrower, you still have one other choice:
refinancing
. When you refinance the car, your wife can apply solo, effectively taking your name off the car loan. However, this is dependent on your wife’s credit score and income. If she has poor credit or can’t refinance at a lower rate, it’s highly unlikely she’d agree to refinance, as it would cost her money.
If she can’t afford the loan or doesn’t have the credit, you will have to remain co-borrower. You may want to get a written or verbal agreement for who will pay the loan. You could also contact the lender to see if they can release you from the loan.
An easy way to explore your refinancing options is with the
Jerry
app. You can compare quotes from multiple lenders without worrying about your credit history. Avoid the hassle of researching and sending documents to potential lenders. Jerry’s app instantly connects you with top companies to find a loan that best meets your needs. View full answer
- Gregory R.
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