Legal Question in Civil Litigation in Texas
i financed a vehicle for a friend but want it out of my name, what can I do?
Asked on 4/23/12, 7:49 pm
1 Answer from Attorneys
Keith Engelke
Law Office of S. Keith Engelke
I assume you mean that you cosigned his note or signed the loan yourself.
I also assume that you want your name off of the loan so you will no longer be responsible for paying it off.
The simple answer is to pay the loan off.
Short of that you will need to refinance the loan so that only your fried is responsible for payment. This will require the agreement of the creditor which he is unlikely to give.
Another possibility would be for your friend to borrow the money needed to pay off the car loan, and pay the car loan off. This will take you off of the car loan.
Answered on 4/23/12, 9:09 pm