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    jollytimes_194's Avatar
    jollytimes_194 Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 6, 2008, 06:22 PM
    How can I remove my name from a shared lien.
    Ok let's try this again.

    A year ago I helped a friend buy a car. Both our names are on the loan and title. She has moved to Oklahoma I live in Kansas. And she has missed several payments. Can I have my name removed from the lien so she will be solely responsible for the payments and insurance.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 6, 2008, 06:31 PM
    No, that is why you should not sign for someone that you are not sure will not pay.

    You are liable for the payments, so if they don't pay, you will have to, or they can also sue you in court and come after you, esp if you have a better chance of paying than the other person.

    But once you are on the loan, you can't get off until that loan is paid off.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
     
    #3

    Feb 6, 2008, 06:36 PM
    You are stuck right now for the car financially until it is paid in full.
    jollytimes_194's Avatar
    jollytimes_194 Posts: 2, Reputation: 1
    New Member
     
    #4

    Feb 6, 2008, 06:41 PM
    Ok. I know that I can have her removed by having her send a statement to the bank. The bank told me this much. So why wouldn't that work for me? I think it is obvious that I need to talk to an attorney.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Feb 6, 2008, 07:14 PM
    I think you are misunderstanding something. No bank is going to let someone who signed responsibility for the loan off the hook unless the loan is paid off.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Feb 6, 2008, 07:25 PM
    No, the bank will not release either party from oweng the money, that would just be a bad idea. So you must have misunderstood, or they merely lied to you for some reason to get you off the phone that day.

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