August 30th, 2011 by Questions
If you cosign for someone’s vehicle loan and your relationship goes bad, can you remove your name as the cosigner on the loan?
Posted from: Alberta
August 30, 2011 at 5:33 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Technically speaking the only way to have your name removed from a loan you have cosigned is if the bank (or whatever lending institution you are dealing with) agrees to remove your name. But as you can imagine, the lending institutions are not very keen on doing this as it increases their exposure to risk. So unless the other party can re-qualify for the loan on their own it is doubtful you will have much success.
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