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  1. #1
    skydivinkate Guest

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    il I am a cosigner on an auto loan I want to get out of it without losing money the auto is worth 13K the loan is 18K the other party does not have the 5K the reason I want out is due to the fact the other party was not carrying insurance for 6 months and I am on the title as well. Do I have any legal recourse to get out of this mess or can I protect myself financially in any way?
    Thank You?
  2. #2
    loku Guest

    Co signer of loan

    The only way you can relieve yourself of liability on the loan is to get the lender to refinance the loan without your name on it. However, I imagine that can not be done, so you are stuck with the possible liability.

    You can get your name off the title by transferring ownership to the other party, then file whatever form your state motor vehicle department has to relieve you of ownership responsibility. However, you would still have potential liability on the loan.

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