I co-signed for my boyfriends car, so its in my name. But I really want my name off the car and to be put into his name. But he has been putting it off because I think he knows he can do whatever he wants as long as its in my name and that way I won't go anywhere. My question is, how can I take it off besides him either refinancing it or trade it in? I am afraid that if I leave him he will either stop paying for it or give it back and then I will have two car payments and I don't want his car and mine is almost paid off and I don't want a car payment anymore. Plus my mother donesn't know that I did that and I want to keep it that way. Please help :(

You can't. The lender is not going to release you unless he refinances.

I'm sure we don't need to tell you that you made a very bad decision.

I know of no lender who will remove one party from the obligation to pay. It makes absolutely no sense from a business point of view. Why give up the chance to collect the money they loaned from one of the two parties?

Is your name on the loan only, or the title and the loan?

If you are on the title, your liability here is at a very high level. If he crashes and kills someone, guess who could be responsible?

I'm afraid to tell you that the only way to get out of this will be for him to refinance the vehicle, and, transfer the title out of both names and into only his if that is the situation with the title.

I wish you luck!

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Originally Posted by smoothfox7

I co-signed for my boyfriends car, so its in my name. But I really want my name off the car and to be put into his name. But he has been putting it off because I think he knows he can do whatever he wants as long as its in my name and that way I wont go anywhere. My question is, how can I take it off besides him either refinancing it or trade it in? I am afraid that if I leave him he will either stop paying for it or give it back and then I will have two car payments and I dont want his car and mine is almost paid off and I dont want a car payment anymore. Plus my mother donesn't know that I did that and I want to keep it that way. Please help :(

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He can't without refinancing it. If it's in your name you can cancel the insurance and the registration and get it off the road but that isn't going to solve anything in this case and you'll have two car payments.

Can you sell the car outright and at least come out even?

If he's in an accident your mother will find out so maybe you'd better discuss this with her. How can you insure the car without her knowing? She also has to know if you are afraid to break up with him/leave him for fear you'll be stuck with the car payment - that's blackmail and I wouldn't want my daughter in that situation.