4

Is it possible to remove a cosigner from a car loan and replace with a new cosigner? If the new cosigner possesses a legal driver's license, and the cosigner to be replaced has no driver's license, could that help in removing that person?

1
  • 13
    Whether or not the person has a driver's license (almost certainly) makes no difference. This is a loan, not permission to drive the vehicle. Oct 23, 2015 at 12:20

1 Answer 1

6

Yes, this is possible. However, your bank may not want to just change names on the loan. You might need to refinance the car with a new loan taken out by the new signer/cosigner.

Alternatively, if your bank won't cooperate, you could refinance the car with a different bank. The new bank loan would pay off the old bank loan.

1
  • And, refinancing might give you better or worse terms...
    – jpaugh
    Nov 12, 2016 at 0:52

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .