Question: I co signed on a car for my ex boyfriend.We broke up few weeks later then said he could not pay for the car so I took over the payments. Now he wants the car back but the car company will not take my name off of the loan even though my ex is willing to sign off.Refinancing is not an option because the loan is more than the car is worth. Is their some legal process to get my name removed? I do not want the risk of him ruining my credit.
Based on the information you provided, it sounds as though the car company is not comfortable with your ex-boyfriend's credit. That is likely why it required a co-signer to begin with. If the car company will not agree to remove your name from the loan (and it is not required to), there is little else you can do other than refinancing or paying off the loan in full.
June 05, 2008