Can a primary buyer take a cosigner to court to get their name off a loan if they keep refusing

Question

can a primary buyer take a cosigner to court to get their name off a loan if they keep refusing even though the cosigner had the vehicle the whole time but got behind 3 months and they can't afford the vehicle so the primary buyer has the vehicle now and wants the cosigner off

Answer 1

There are two components to this scenario: the title and the loan.

I imagine you can sue for anything. So, if you attempting to remove an unwilling cosigner from a loan, the first thing you have to do is remove that person from title. You may have to stake your claim in court to get this done if the two of you are in disagreement about ownership rights. You will not be able to refinance the loan with that vehicle as collateral if the other owning party is not willing to permit the transaction to take place.

Second, assuming you get the other party off the loan, then you can refinance the loan to remove the other party from the financial obligation. Here is the thing to consider, if the cosigner missed payments, you also missed payments and this will reflect negatively on your credit rating. Meaning, you could potentially pay more for the financing in the form of a higher rate or face a scenario where the lender will finance a lesser amount.

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Answer 2

I don't think so sweety

Answer 3

I wouldn't worry so much about who is on the loan but more about who is on the title.  Is the co-signer's name on the title?  If it is both of your names showing joint ownership, then there may not be much you can do.  Is the co-signer willing to remove their name from the title if they are listed on it?

You can't really take someone to court to get their name off a loan - you both made an agreement with the financing company so only they can do anything about who is listed on the loan.  Besides, it isn't so important that they are listed on the loan - the loan doesn't show ownership.

By the way, have you gotten the loan paid up to date so that it stops affecting your credit?

Good luck to you.