Auto Loan - Remove Co-signer

[CBStrat]

I have three payments left on an auto loan that was co-signed by an ex-boyfriend. He lives in VA and I live in MD. I have had to keep the vehicle registered in VA because he was the first name on the loan papers - according to the DMV. I have made every single payment on the vehicle and have lived in MD for over three years now. I haven't seen or spoken to the co-signer for about the same amount of time. We tried to have the loan signed over to just my name, but Chrysler Financial wouldn't do it. What should I have him sign so that once the loan is satisfied - in July - he doesn't show up on my doorstep and take the vehicle? Since his name is first on the loan will they mail the title to him? I want to be covered so he has to sign it over to me.
I really appreciate any help you can offer.

 

[JETX]

We tried to have the loan signed over to just my name, but Chrysler Financial wouldn't do it.

They would be foolish to do so. Right now they have TWO persons who are obligated to repay the note. Why would they agree to waive one of them???

What should I have him sign so that once the loan is satisfied - in July - he doesn't show up on my doorstep and take the vehicle?

Nothing. See below.

Since his name is first on the loan will they mail the title to him?

You are confusing the note with the title. How EXACTLY is the title named now?? Are both names on the title, or only yours, or only his??
If both, is 'or' between the names (giving EACH the right) or is 'and' between the names (giving BOTH the right)??
The lender only has the 'negotiable title' showing their lien. When the note is paid in full, they will simply release the lien (by signing) and send the negotiable title to the owner. You want to contact your lender and make SURE that will be YOU. Once the negotiable title is in your hands.... you are pretty much safe (depending on the EXACT names on the title - see above).

 

[CBStrat]

Maryland.

Thanks for your reply. I have since contacted Chrysler Financial and they assured me that both names are on the title and it will be mailed to me upon satisfaction of the loan.

Now I need to determine the best course of action to have him sign over the title to be only in my name. Any suggestions? Should I get him to sign a notorized agreement now - before it is paid off - so he can't just come and take it later? What can I do if he does come and try to take the vehicle from me?

 

[hugabear]

I didn't see a reply to the last question of how to change the name to yours only after receiving title . . . so here's my 2 cents . . .

I broke up with my boyfriend who had a car loan with me. He was the first name on the loan, I was the additional loanee since my credit wasn't too good. Anyway, I had possession of the title and I went to the licensing department to get the registration and license plate changed (I moved from another state) and they just "erased" his name and gave me a new title and everything ! It was like he had never existed . . . no questions, no extra forms, no asking him to sign anything.

However, that was leaving him in California and Texas being so accomodating. For your sake, I hope the laws are the same where you are.

Good luck !

HugABear

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A hug a day keeps the Prozac away . . .
. . . Have YOU hugged your Teddy Bear today ?