Remove my name from a shared car loan
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My girlfriend and me bought a car 2 years ago, and took a shared loan (for 5 years) because she had no credit history. We just broke, and she gets to keep the car.
Is it possible to remove my name from a shared car loan? And if so, will it hurt my credit?
Only if she can refinance
No bank is ever going to let you take your name off that loan. Your girlfriend got the loan only because you co-signed for her. You are pretty much stuck with it.
The only way to get your name off the loan is by either pay off the loan, or have your ex refinance the car by herself. Since two years have passed, assuming that you’ve made all payments on time, she may have good enough credit to get a loan on HER name.
The fact that you are only two years into the loan doesn’t help either, because chances are you still own more than what the car is worth. This means that she may be required to come up with a considerable down payment, probably 20% – 30%.
Either way your credit will remain in tact because the loan would show as paid in full.
Hope this helps
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