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New Member
learningfico
Posts: 9
Registered: ‎03-28-2009

Can co-signer be removed after period of time?

[ Edited ]

Hi All again,

 

Last year I was surprised when my 21 year old daughter couldn't qualify for a car loan with Nissan as she has several credit cards all paid on time with respectable Credit limits and no balances (she had them for 2.5 years at the time).

 

I had to co-sign for her and she is 15 months into the payments. I am sure that the fact that I have 3 car leases on my report may be weighing it down a bit. I would love to get her lease off of my report. I may need to apply for student loans this year for another child and my own lease is up in July and I am a bit panic stricken with the currrent tight credit market that eventually someones going to tell me I have too much outstanding debt even though I don't pay for my 2 kids cars. They are on my report but the kids pay for them.

 

2 questions:

Is it possible that with 15 months of on time payments Nissan might allow the lease to be moved solely to her name? Are there any reprecussions?

Would doing so help or hurt my FICO score or her credit score?

 

Message Edited by learningfico on 03-28-2009 06:34 PM
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Can co-signer be removed after period of time?

[ Edited ]

Call Nissan but I doubt it.


Removing you from her loan (if it can be done), for the purposes of scoring ,will not hurt her and will probably help you.

Message Edited by usmc58555 on 03-28-2009 07:30 PM
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Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008

Re: Can co-signer be removed after period of time?


learningfico wrote:

Hi All again,

 

Last year I was surprised when my 21 year old daughter couldn't qualify for a car loan with Nissan as she has several credit cards all paid on time with respectable Credit limits and no balances (she had them for 2.5 years at the time).

 

I had to co-sign for her and she is 15 months into the payments. I am sure that the fact that I have 3 car leases on my report may be weighing it down a bit. I would love to get her lease off of my report. I may need to apply for student loans this year for another child and my own lease is up in July and I am a bit panic stricken with the currrent tight credit market that eventually someones going to tell me I have too much outstanding debt even though I don't pay for my 2 kids cars. They are on my report but the kids pay for them.

 

2 questions:

Is it possible that with 15 months of on time payments Nissan might allow the lease to be moved solely to her name? Are there any reprecussions?

Would doing so help or hurt my FICO score or her credit score?

 

Message Edited by learningfico on 03-28-2009 06:34 PM

 

Usually the only way to remove a cosigner is for the primary borrower to refinance with a different lender in his or her name alone, if their credit and income qualify them with the new lender.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
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Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009

Re: Can co-signer be removed after period of time?

Done that before. The only way is to refinance under the other co-signer's name. I co-signed a car for my ex-gf before as a primary co-signer. When we broke up, I asked her to refinance under her name. That was the only option we had. I was told either one co-signer cannot be removed from the loan unless you refinance under one person's name.
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
New Member
learningfico
Posts: 9
Registered: ‎03-28-2009

Re: Can co-signer be removed after period of time?

Thanks on this one too!  Did it cost anything for her to refinance?
New Member
learningfico
Posts: 9
Registered: ‎03-28-2009

Re: Can co-signer be removed after period of time?

Thank you Matt!
New Member
learningfico
Posts: 9
Registered: ‎03-28-2009

Re: Can co-signer be removed after period of time?

Thank you USMC
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009

Re: Can co-signer be removed after period of time?

[ Edited ]

learningfico wrote:
Thanks on this one too!  Did it cost anything for her to refinance?

It definitely would cost her something. It depends what you view as a cost. My ex-gf refinanced with another bank with a slightly lower rate. That was our only option to clear my name off the car or the loan.

Message Edited by Eiso on 03-31-2009 07:21 PM
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Regular Contributor
tiger20
Posts: 219
Registered: ‎05-01-2008

Re: Can co-signer be removed after period of time?

I have in the past had some dealers say that you could have the co-signer's name removed afer 6 months.  But,  I've never heard of it being done before.

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