Legal Question in Credit and Debt Law in Minnesota
How to remove self from co-signed vehicle
If I co-signed a loan with an ex-partner for the purchase of a vehicle, and we are no longer together. I want to refinace my home but this vehicle which my ex-partner has is hurting my credit and refinance rate.
The question is:
1. Can I get out from this agreement?
2. If not do I have any rights to force him to sell it?
Thanks
1 Answer from Attorneys
Re: How to remove self from co-signed vehicle
You would need the creditor's consent to get out of your liability as co-signer on the loan, unless you can prove you were defrauded or some other basis for invalidating the contract, or you file bankruptcy. In the absence of an agreement, you generally would not have a right, as a cosigner, to force the buyer to sell. You might try approaching the creditor and trying to negotiate with him to get your name off the loan, but he would have the right to refuse to renegotiate the deal.