name off of car title

What is the name of your state? What is the name of your state? Nebraska

I "Co-signed" a loan for my son to purchase a car. After reading posts on this board, I realized that I am a "co-owner" of the car. I also learned as a co-owner I am liable for any accidents he may have. I am worried he will stop paying his insurance, get into an accident and my husband and I will be liable and lose everything (if the accident is bad enough). How do I go about removing my name from the title of the car? Refinancing is an option but that is just getting the loan in his name- I want to know how to get my name off of the CAR TITLE. Thanks!!!
JKKB

[divgradcurl]

You should check with you motor vehicle's department and the lienholder. It may be as simple as signing away your rights on the title; however, because there is a lienholder (the financing company) they will likely have some say in this, and may have their own reasons for not wanting you to remove your name from the title.

[JETX]

"I "Co-signed" a loan for my son to purchase a car. After reading posts on this board, I realized that I am a "co-owner" of the car."
*** Where did you get that from??? There is no direct link between being a 'co-signer' (guarantor) on the note and being an 'owner' (or co-owner). They are two separate things.

"How do I go about removing my name from the title of the car?"
*** Are you sure that your name is on the title??? If so, you really should leave it there since that is the ONLY claim to ownership that you have in the event that the 'owner' stops paying and you get stuck with the balance.

I thought I was just the co-signer too. My name appears on the TITLE of the car, not just the loan papers.

I don't want my name connected to the car. If my son stops making payments, then they will look to me for the balance-which can be managed. My fear is that he quits paying his insurance (which he did in the past and we had to pay an arm and leg to get reinstated), gets into an accident and then his father and I become responisble for the damages (because I am listed on the title) - We could lose everything depending on the severity of the accident. (He has has 2 accidents in the past 18 months-each time his car had been totaled, one his fault, one not.)

We could lose everything depending on the severity of the accident. (He has has 2 accidents in the past 18 months-each time his car had been totaled, one his fault, one not.)

and why isn't he walking or jingling a few bus tokens?

And how old is this "SON"? If he's a minor, your're still going to be liable regardless of whose name is on the title.

He is no longer a minor and in the process of moving out of our home. As long as he was under our roof- we had some leverage that his bills were being paid (after the insurance was reinstated), now that leverage is somewhat gone.

And HOW is your name listed on the title? Is it AND or OR between the names?

"AND"

Then you're pretty much screwed.

[JETX]

Originally posted by krispenstpeter
Then you're pretty much screwed.

Not really. You have the same rights to possession as he does. Just make sure that you have a copy of the key to the vehicle. Then, if he doesn't 'play by the rules' go take the vehicle.

Also, with the title in 'and' form, if all works as it should, he can't sell the vehicle (and you can't either) without BOTH signatures on the title transfer.

What is the name of your state?

Originally Posted by krispenstpeter

And HOW is your name listed on the title? Is it AND or OR between the names?

I am in the same situations as most below. I co-signed for my son in West Virginia for a car loan. The VA has the title, which happens to be in mine and his name with "and/or" between the names.

Now, he is refusing to send money to me ( 20 yr old, active in the U. S. Army) to pay his bills. He is late on his car payment and has not sent me money to cover his insurance. I am a single mom and I do not have the extra cash lying around to cover this.

My question, I am wanting to take him off my insurance policy and have him get his own insurance. If he doesn't get insurance and has an accident, am I able to be sued. I also would like to get my name off the title ASAP. How do I go about doing this in the State of WV.

At wits end**************

don't hijack another's thread. Start one of your own.

What is the name of your state? NE
This is what I found out-
I called the bank - my son and I BOTH need to sign the title as a "SELLER". The bank will send the title to the DMV and get a new title in my son's name only. He then needs to go and re-register his vehicle. At the time we are signing the title- my son can apply to re-finance his car loan. If he qualifies- then my name is removed from the loan as well. If he doesn't qualify for the loan then my name stays as the co-signer.

I would start making phone calls to the bank and insurance carrier. If he is active duty military, there may be arrangements they can make with you because of his military status. It doesn't hurt to ask. I would aslo ask the insurance carrier about a "rider policy". As I understand it, you can purchase a million dollar all-inclusive rider policy on your homeowners/renters policy that will protect you from things like an auto accident to a slip on the sidewalk. It is relatively cheap too! This may ba an option as well.
jkkb