Monday, November 23, 2009

How to Remove a Co-Buyer's Name From a Car Loan

How to Remove a Co-Buyer's Name From a Car Loan

A co-buyer is a someone who purchases a car with you and shares the financial responsibility for repaying the loan on time. There are a number of reasons why a co-buyer would want to remove his name from the loan, including a divorce or separation. In some cases, the lender will cooperate with just a phone call, but in general, you will need to refinance the loan.



    Call the lender and ask if you can remove the co-borrower from the loan. In the case where the main borrower has made prompt, full payments, the lender may be willing to drop the co-signer from the loan without further action.


    Visit the lender's local branch and ask to refinance the loan in your name only. Refinancing means that you would be taking out a new loan in your own name, without the co-buyer. You will need to refinance if the lender will not remove the co-buyer from the loan.


    Fill out the necessary paperwork to refinance. This will include your employment history and financial status. Wait for the lender to perform a credit check and approve you for the new loan.


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