How to Get Your Ex Off a Car Loan
Ask the lender if you can refinance., Gather financial information., Get information about the vehicle., Continue to make payments on your current loan., Get a co-signer, if necessary., Sign the new loan.
Step-by-Step Guide
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Step 1: Ask the lender if you can refinance.
When you refinance, you get a new loan.
As part of the refinancing process, you can have the loan put only in your name.
Call up your lender and ask if you can refinance.If your lender won’t refinance, then you could find a new lender who will.
Check with credit unions, since they tend to charge the lowest interest rates.
You will still have to pledge your car as collateral for the loan.
You should only ask to remove your ex from the car loan if you know you can make payments.
If you can’t make payments, then you’ll probably lose the car. -
Step 2: Gather financial information.
The lender will analyze your credit score and financial information to decide whether you can refinance the loan on your own.You will need to provide the following information as part of the application process:your Social Security Number current and previous addresses name of current employer name of your current lender your current account number for the car loan paystubs or other evidence of income, such as W-2 forms balance on your current loan , You will also need to provide the refinancing company with information about the vehicle.
You should gather the following information:vehicle make, model, and year mileage VIN (Vehicle Identification Number) vehicle features or special options , The refinancing process could take a month or so.
In the meantime, you need to continue to make payments on your current car loan.If you stop, then you could go into default.
If you go into default, your new refinance company might cancel the new loan and you won’t be able to refinance. , Your financial history might not be strong enough to allow the lender to refinance the loan in your own name.
In this situation, you might need someone to cosign on your loan.You could ask a family member if they would be willing to cosign.
Try to avoid asking a new romantic partner.
You don’t know how long the relationship will last.
If it ends, then you’ll need to try and take their name off the loan. , Once you have everything in order, go to the lender and read through the loan document.
Sign the new loan and make sure to get a copy for your records.You might also want to notify your ex that they are no longer responsible for the loan because you have refinanced. -
Step 3: Get information about the vehicle.
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Step 4: Continue to make payments on your current loan.
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Step 5: Get a co-signer
-
Step 6: if necessary.
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Step 7: Sign the new loan.
Detailed Guide
When you refinance, you get a new loan.
As part of the refinancing process, you can have the loan put only in your name.
Call up your lender and ask if you can refinance.If your lender won’t refinance, then you could find a new lender who will.
Check with credit unions, since they tend to charge the lowest interest rates.
You will still have to pledge your car as collateral for the loan.
You should only ask to remove your ex from the car loan if you know you can make payments.
If you can’t make payments, then you’ll probably lose the car.
The lender will analyze your credit score and financial information to decide whether you can refinance the loan on your own.You will need to provide the following information as part of the application process:your Social Security Number current and previous addresses name of current employer name of your current lender your current account number for the car loan paystubs or other evidence of income, such as W-2 forms balance on your current loan , You will also need to provide the refinancing company with information about the vehicle.
You should gather the following information:vehicle make, model, and year mileage VIN (Vehicle Identification Number) vehicle features or special options , The refinancing process could take a month or so.
In the meantime, you need to continue to make payments on your current car loan.If you stop, then you could go into default.
If you go into default, your new refinance company might cancel the new loan and you won’t be able to refinance. , Your financial history might not be strong enough to allow the lender to refinance the loan in your own name.
In this situation, you might need someone to cosign on your loan.You could ask a family member if they would be willing to cosign.
Try to avoid asking a new romantic partner.
You don’t know how long the relationship will last.
If it ends, then you’ll need to try and take their name off the loan. , Once you have everything in order, go to the lender and read through the loan document.
Sign the new loan and make sure to get a copy for your records.You might also want to notify your ex that they are no longer responsible for the loan because you have refinanced.
About the Author
Patricia Torres
Experienced content creator specializing in lifestyle guides and tutorials.
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