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How do I get out of a cosigned car loan?
A while ago I applied for a car loan. My now ex-boyfriend cosigned with me. While he has incredible credit, I would rather not have anything to do with him anymore. How can I get out of this cosigned loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’re in this situation. Luckily, there are a few ways you can get out of a cosigned car loan. You can:
- Ask about a cosigner release form
- Pay off the loan
- Refinance the loan
- Contact your lender and see if there is a cosigner release option available for yourcar loan. While this is not an option for some lenders, others will make this available to you under the following (or similar) restrictions:
- A certain number of on-time payments have been made
- You are not the primary borrower on this loan (principal owner)
- Your credit score has not dropped below a certain threshold determined by the lender
- Pay off your loan to get rid of your cosigner. This fulfills the terms of your loan obligation and removes the cosigner in the process.
- Refinancethe loan. Since refinancing a loan is essentially taking out a new loan for your remaining balance, you can do this without the help of a cosigner. You need to have a high enough credit score and a good payment history to qualify for this option.
No matter what your credit score is, the
Jerry
app is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Sign-up takes just 45 seconds and while you’re looking for refinancing options, Jerry can also help you save hundreds of dollars on your car insurance by providing you free quotes
from more than 50 of the nation’s top companies!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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