Signing over a financed car

[redline_13000]

If anyone knows...

If I were to cosign with someone to finance a vehicle, is it possible to have my name removed as co-signer after a certain period of time? If so how long from purchase date and what is required?

[88CRXGUY]

When I did a leased vehicle and I had a co-signer. When you and that co-signer sign on the dotted line you and that consignee are holded for that contract until it ends(legal binding contract). If the cosignee doesn't make a payment etc, then your the one thats in shat too. Since that the cosingee doesn't have good enough credit, or enough credit thats why they want a co-signer. If the cosignee doesn't come through with the money etc, then they can come after you(co-signer) during that term of the contract. I've never knowing a company to let the co-signer get out early of the contract.

Just another word of advice make sure that you can totally trust that person for the 3 to 5 years on the contract. The company can come after you aswell..

I hope that helps...

[Si_FlyGuy]

I believe that it shows up on your credit report, as well as reduces your limit if you were to apply for another loan.

[88CRXGUY]

Yep it does, even though he/she isn't the consignee but the cosigner it will still go in their credit report.

[blueToy]

Originally posted by redline_13000
If anyone knows...

If I were to cosign with someone to finance a vehicle, is it possible to have my name removed as co-signer after a certain period of time? If so how long from purchase date and what is required?

Bad idea I reckon . Especially if they ask you to do it . Just walk away .

[redline_13000]

thanks guys! any more input from anyone?

[MIWYFSHOTTER]

Usually if you are helping someone its because they screwed up in the past, you'll be putting your credit at risk. Make them get the loan or whatever at a loan shark with a higher interest rate, it'll suck for them but it won't put you in jeopardy.

[Redlyne_mr2]

As a cosigner your financial liability is the exact same as the main account holder. There is no way to get off the contract once you sign it unless you die, go bankrupt, or pay out the contract. Some finance companies will allow a transfer to take place in which you pay a fee and sign over the payments to a different party pending that parties approved credit however in most cases it will still not remove you're financial liability, all it will do is lift the burden of the monthly payment.

[redevil]

depending on the company you can get the person down the road to refinance the loan and see if they qualify on their own. This is the only way you can be taken off the loan agreement if they are able to support the loan on their own. So it will really depend on their credit rating, down the road if things has not gotten any better then you might still be stuck as a co-signor on the loan. It is the same with a lease, the person who needs the co-signor needs to be able to support the lease and have a good credit rating before all liability is removed from the co-signor.

I've done it with a car lease, my parents were the co-signor and a year down the road I took the lease over with out them being on the lease agreement. I was through Honda Finance btw.

hope this helps

[redline_13000]

thanks alot guys

[Redlyne_mr2]

Originally posted by redevil
depending on the company you can get the person down the road to refinance the loan and see if they qualify on their own. This is the only way you can be taken off the loan agreement if they are able to support the loan on their own. So it will really depend on their credit rating, down the road if things has not gotten any better then you might still be stuck as a co-signor on the loan. It is the same with a lease, the person who needs the co-signor needs to be able to support the lease and have a good credit rating before all liability is removed from the co-signor.

I've done it with a car lease, my parents were the co-signor and a year down the road I took the lease over with out them being on the lease agreement. I was through Honda Finance btw.

hope this helps

Thats pretty cool of them...I wonder if thats common for Honda fincance. I know other finance automotive finance companies can do that but they keep it very hush hush and do not offer it unless its a very special circumstance.