Can I Take My Name Off A Car Loan And Leave It To The Cosigner

Posted in Used Car Loan
  • My cosigner is trying to keep me from driving my own car. The registration and insurance is in my name only, yet she thinks she has first rights to the car. We were sharing the car because we live together, but I went away for three weeks and left her with the car. Now I am back and she doesn’t want to let me use my own car. I have made all of my payments, this is the 13th month of the loan. I wanted to know if I could remove my name from the loan and leave the car with the cosigner without penalty? So that I would be able to get another car for myself? Or is this not possible?

    There are 9 Answers for "Can I Take My Name Off A Car Loan And Leave It To The Cosigner"

    1. auskan2002 says:

      No. You would have to have your co-signer re-finance, qualifying for the loan in his/her name only.

    2. Benny says:

      The cosigner would have to refinance the car…..that’s the only way you could get your name off of it, and clear your credit from it. Otherwise, if it’s in your name…..it’s yours, no matter if they cosigned for it or not. Best of luck to you.

    3. John L says:

      No. The loan would need to be refinanced in the co-signers name.

      You can stop paying and then she would have to pay for it. If she didn’t, her credit would be ruined. (and yours too).

      WHy don’t you offer to do just that and see what she says?

    4. sarge927 says:

      You can’t leave a car to a co-signer without the co-signer’s consent, but in your case if it’s registered and insured in your name then you are within your rights to go take the car. Since you are the primary, you are the first person on the hook for making the car payments and you are legally considered the “owner.” BOTTOM LINE: You’re the one who is going to get screwed over if the loan doesn’t get paid, so since you’re the one paying for it anyway and it’s legally your car, GO GET IT!!!

    5. myhibrid.com says:

      Pretty much what everyone else already said. You need to have your co-signer refinance under their name only.

    6. oklatom says:

      Cosigner. You had bad credit, so someone stepped forward and said “I’ll put my neck on the line. Even though he has horrible credit, I will make any payments he misses.”

      If you live at the same address, and drive the same car, why isn’t her name on the insurance? It surely should be.

      So the question is, can you now decide to take your name off your car and your loan? I suppose you could ask her if she wants to take over payments, and sign away your interest in the car if you wanted to. Or you could be a jerk, move out, leave the car and not make any payments and ruin her credit along with yours when it gets repossessed.

      How much do you still owe on the car, and how much is it worth? Perhaps you could sell it, and start over without a cosigner on a different vehicle now. Guess it’s kind of up to you, but the two of you need to communicate a bit better I’d say (yeah, I know, it’s none of my business. Just an observation.)

    7. PILOT says:

      i work in a car dealership u signed a contract the loan is already on ur name the best way for u to do is refinance under a different person ( so its like ur selling ur car to the cosigner) and the co signer will take their own loan

    8. Wanger says:

      Not without refinancing the loan.

    9. zx2man says:

      YOU own the car. The person who co-signed for it has no right to tell you what to do with the car. You can take it and paint it pink and purple if you pleased. the co-signer can not do anything about it. All the co-signer is there for is if you cant make the payments on the car, then they have to.
      My advice? Whoever this co-signer is (even if its your parents), explain to them that as long as you are making the payments on the car that they have no rights to it and that they are being very rude in telling you what you can and can not do with the car. Dont give the car up, the only way you can do this is to sell it, get her to buy it from you, or stop making payments on it. That would ruin your credit there, you dont want to do that. Keep the car, get it payed off and the next time you go to buy a car you more than likely wont need a co-signer again.
      Once again, this person has no rights at all to the car. You could tell them they arent allowed to touch it anymore-and they would have to agree with it. Im not saying to take it to those extremes, but if thats what it takes so be it.