There are many people who get a loan for purchasing their car or buying an expensive item, but they don’t know the procedure to remove a cosigner from a loan. If you are one of them then you don’t worry, here is a solution.
The first step is that you need to take a written consent form from your cosigner. This will help you to know whether they are really okay with you taking the loan or not.
If they don’t give you a written consent then it means that you can’t take the loan. But if they do agree then you should go to the lender and ask him about the process of removing a cosigner.
It will be helpful to you to remove a cosigner because if you want to get the loan then you will have to repay the amount which you have taken. If there is no one to pay, then the lender will take his rights.
Here are some ways to remove a cosigner from an auto loan.
1: Go to the lender
The first step is to go to the lender and explain your problem. If he doesn’t listen then talk to someone who will listen to you.
In this case you need to discuss with your cosigner. And then try to find the reason why he has given you the loan. This can be a good way to get rid of a cosigner from a loan.
2: Take a written consent form
Once you understand what’s happening you can go back to the lender and talk to him about the issue. He will be surprised about the situation but if you still want to remove a cosigner from a loan then take a written consent form and send it to him.
3: Pay the loan
If you can’t pay the loan because you have lost the job then the lender will have no option but to take his rights. In this case you can talk to your cosigner to pay the loan and you can give a part of the amount to him.
Conclusion:
I hope you liked this post about “How to Remove a Cosigner from an Auto Loan”. I know some of you are already facing this issue, so if you are in the same situation then don’t worry you can remove a cosigner from an auto loan.