co-singing

[Anonymous]

i would to ask some help,since me and my uncle bought a car last year and he has like 2 months late payments,i would like to know the choices for me to take my name off the account.

[Anonymous]

You have 2 options:

Refinance the car in one persons name, or sell the car and payoff the loan.

[Anonymous]

It's almost impossible for you to get off your uncle's loan by refinancing or selling the car because the car's value will be taken into consideration and with interest charges and depreciation of the car you're in a lose lose situation. The best advice I can give you is to help you're uncle catch up on the payments because they aslo influence your payment history or to sell the car for as much as you can and pay the loan off if there is a remaining balance. It's almost impossible to remove yourself from an auto loan unless you sell the car for at least what the bank is owed or refinance the loan because banks will look at the value of the car in relation to what's owed including the finance charges which could results in what is called in the business as being upside down if you owe more than the car is worth and all banks want the difference. If you can pay it get out of the loan and if not remember both of you and your uncle share the responsibility on the loan and it takes 7 years for a repo to be removed from your credit.

[Anonymous]

Rich- that's assuming a lot.  Your assuming the car was financed enough so that there is negative equity involved, I didn't read that in OP's post, that OP & or uncle cant get 100%+ financing provided there is negative equity and that they cant contribute more funds to cover the negative equity.  All this said provided there is actually negative equity involved.

OP- again you have only 2 options.