what type of lawyer would you talk to if you co sign for a car loan and want to be remove

How to remove a cosigner from a car loan?

May 03, 2015 · Well, you don't necessarily need a lawyer. The fact of the matter is: you either have to refinance the vehicle into your own name and/or sell the car. If your ex is on the title of the car, then you need to file a Petition for Judicial Sale in lieu of Partition to order the car sold. Practically speaking, you should ask your ex to sign the title over to you and refinance.

Can a friend cosign on a car loan for someone else?

Feb 10, 2021 · Refinance the Loan. One way of going about removing a co-signer from a car loan is refinancing your loan. Though it’s a bit of a roundabout way by refinancing the loan, it can effectively remove a co-signer in the event it becomes necessary. This process involves taking out a new loan for the remaining loan balance, either through a separate ...

What should I do if I am denied an automobile loan?

Co-signer rights vary by state, but generally, you should treat co-signing a loan as agreeing to a binding contract. Some loans include a co-signer release clause that gets your name off the loan after a certain number of on-time payments are made. Such provisions on …

Should you co-sign a car loan with bad credit?

Auto loan laws govern auto loan financing to ensure the person attempting to obtain the loan is not taken advantage of. Auto financing is put in place because some people cannot afford to purchase a new or used car at once or they cannot afford the initial down and monthly payments. The process of obtaining a car loan involves several steps ...

How do I get out of a co-signed car loan?

What are my rights as a cosigner on a car?

Can I sue the person I cosigned for a car?

Can a cosigner take their name off a car loan?

Can you get out of a cosign?

Who owns the car primary or cosigner?

What happens if I cosign for a car and the other person doesn't pay?

What happens when the person you cosigned for doesn't pay?

Can a cosigner take you to court?

How do I protect myself as a cosigner?

How soon can you take a cosigner off an auto loan?

Can a cosigner sue the primary borrower?

What is a cosigner on a car loan?

Co-signers are additional loan signers that are appointed financial responsibility alongside the “main” borrower. If the principal borrower defaults on a loan payment, the co-signer is on the hook for making that payment, and their credit score might be affected by any negative reports in regards to the vehicle loan.

Can a divorce be costly?

Divorces and other breakups can often be costly in many ways, and people don't want a loan hanging over their heads if they aren't planning to keep the purchased item in question. For instance, let’s say a husband and wife choose to divorce, and the husband decides he’d like to keep the car.

Can a cosigner get a car loan?

A co-signer with excellent credit can help you get a car loan with a decent interest rate, rather than one with an extremely high interest rate and restrictive terms. Having someone share the risk can also allow you to buy a car that’s more expensive than you would otherwise be able to afford.

What happens if you don't pay for a car loan?

On the other hand, if one person does not pay, both party’s credit scores are at risk.

Can you get a loan with no credit history?

If you have no credit history at all, it can be challenging to get a loan that you can pay off to prove you can responsibly handle credit and build your own score. If the borrower pays the loan payments on time each month, both the principal borrower and co-signer can see their credit scores rise.

Why do lenders pull credit reports?

The lender will pull credit reports on all loan applicants to assess the creditworthiness of each individual. When they do so, it will lower the credit scores of all of the applicants, including the co-signer, by a few points. It’s important to remember that you’ll need a creditworthy co-signer.

Why is it important to get a car loan?

Also, obtaining a car loan is important to many people, as the ability to own and drive a car can affect many aspects of life, including work, family visits, recreation, and other uses. Thus, borrowers and lenders may often be quicker to identify points of dispute in the lending process. Listed below are some examples of common legal disputes ...

What is auto financing?

Auto financing describes the process of obtaining a financial loan to purchase a car or another type of vehicle. Some think of auto financing a vehicle as only the full purchase of a vehicle; however, auto financing also applies to the leasing of a vehicle. Auto financing is often managed through a car dealership, auto finance companies, ...

What happens if a car is repossessed?

Once your car has been repossessed, the lender will most likely sell it at a public or private auction. If the proceeds from the sale don't cover the balance of the loan, the difference between the sale price and the total debt is called a "deficiency."

Can you bid on a repossessed car?

When your lender sells the repossessed car at an auction, you can attend and bid on the vehicle. Keep in mind that you could still be on the hook for any deficiency if you buy the car at the auction.

How to avoid a deficiency judgment?

If you want to avoid or reduce a deficiency judgment, consider hiring an attorney to raise a defense to the deficiency action. The most common defenses to this type of suit are that the lender: 1 breached the peace when repossessing the vehicle (for example, by using or threatening to use physical force against you to take the car or removing the car from a closed garage without your permission) 2 didn't sell the car in a commercially reasonable manner by following appropriate sale procedures regarding the manner, time, place, and terms of the sale, or 3 the statute of limitations has expired. (If the statute of limitations has expired, you're under no legal obligation to pay the deficiency.)

What is it called when a car is taken from you?

The process of taking the car from you is called " repossession .". Each state has its own rules regarding repossession . If your car lender repossesses your car, van, motorcycle, SUV, or another motor vehicle, you'll need to examine your goals and decide if it's worth paying for an attorney to help you.

What is the difference between the sale price and the total debt?

If the proceeds from the sale don't cover the balance of the loan, the difference between the sale price and the total debt is called a "deficiency.". Example. Say you owe $7,000 on the car, but your lender sells it for $5,000. The difference of $2,000 is the deficiency. In most states, your lender can sue you to collect the deficiency.

Can a parent cosign a car loan?

Sometimes, a parent or a friend cosigns a loan for someone else who isn’t able to get a car loan on their own. Either way, even though you might start these relationships and loans with the best of motives, sometimes those intentions head south. And when they do, you might be wondering how you can get out of that cosigned or co-borrowed auto loan.

What happens if you cosign a loan?

If you cosigned for a loan, one of the quickest routes out is to apply to the lender for a cosigner release. This lets the cosigner off the hook, so that only the primary borrower is the one listed on the loan going forward.

Who is the primary borrower in a cosigner loan?

That’s usually the person who’s going to use the car, and who has the primary responsibility in paying it off. For example, if a parent cosigns on a loan for their daughter’s 18th birthday, it’s the daughter who will drive the car and be primarily responsible for payments.

How much is the average used car loan?

The average used car loan was $20,554 in 2019, according to a recent Experian study. If you had enough extra cash lying around to pay off the loan, chances are you would have already done it by now. There is one way to raise enough money to pay off the loan, though: by selling the car.

Where does Lindsay VanSomeren live?

She currently lives in Kirkland, Washington with her husband, two cats, and a dog.