I co-signed for a vehicle for my son but now he wants to reduce his monthly expenses. I want to take over the payments and get him off the loan so he can go buy a cheaper car and be able to qualify for the financing. Is it possible to somehow get him off the loan without having to go through the bank and refinance? We live in CA and it is financed through Wells Fargo.
Simple answer is NO you can not assume full responsibility without refinancing.
Also, a good site is...
http://www.surveyland.org/jump.php?link=…
Take care.
No
The only way to get him off the note is to refinance the car into your name. I would go to a local credit union and if you are not a member then join and they should have the lowest rates.
I joined the Pentagon Federal Credit Union and you can find them on line and just open an account for $5 and SHAZAAM you can get good car loans, high CDs, no fee checking accounts, and etc
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You'll have to refi the loan into your name in order to remove him from the note,
I will echo the other poster, depending on if the car is refinance-able, Pentagon Federal has good rates for used vihicle refi's as low as 3.99%, Wells Fargo is likely charging you more than that,
Good luck,
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try talking to the bank, telling them your buying the car. they may help you figure something out.