Car Loan (refinance, good credit, loans)

[ronald.vincent]

My wife cosigned a car loan for her brother. Recently her brother got married, and we would like to get my wife's name off of the car loan. Is that possible? Do I have any options?

[10scoachrick]

Originally Posted by ronald.vincent

My wife cosigned a car loan for her brother. Recently her brother got married, and we would like to get my wife's name off of the car loan. Is that possible? Do I have any options?

A complete re-finance sounds like the way to go...hope brother's wife has good credit or things could get really messy. As my Pappy said, 'Never co-sign for a loan you are not willing to pay off yourself'. If, somehow, the car is worth more than the current loan, that could make things easier...their credit rating is still the most important factor in obtaining a reasonable rate...if there is a credit union member in the pair, give them a try.

[PKCorey]

You have to refinance the loan and put it in him and his wife name.....When that happens and the first loan is paid off, your wife name will be taken off....

[pellur]

People at one of the finance forums I follow recommend Penfed for great rates on re-financing auto loans. As others said, in this market having a good credit score is essential.

[atlantagreg30127]

A few things:

1) The original post was from December of 2007. Note the posting dates of posts in the upper-corner of the posts so you're not replying to stuff the original poster has long since forgot about.

2) Legal financial matters should be taken up with an attorney. No one with city-data or those replying can dispense legal advice, so seeking a professional's help is the only way to go on a matter like this.

Thank you