Posted on: 19th Mar, 2007 01:51 pm
can you use a quit claim deed to release yourself from an automobile loan if you are a joint borrower?
Heather, quit claim deed is used to transfer real property which one owns to another person. Like if you have a house or a piece of land, then you can give it to someone using a quit claim deed. It will not help in releasing you from your loan debt.
To get removed from your obligation as a co-borrower for the automobile loan you will need to ask the provider.
David
To get removed from your obligation as a co-borrower for the automobile loan you will need to ask the provider.
David
"Can you use a Quit Claim Deed to release yourself from an automobile loan if you are a joint borrower?
Quit claim deed cannot be used for removing name from the loan, it can only be used in real property transfer. As david said you need to contact your lender about the requirement for removing you from the obligations of a joint borrower."
Quit claim deed cannot be used for removing name from the loan, it can only be used in real property transfer. As david said you need to contact your lender about the requirement for removing you from the obligations of a joint borrower."
In fact a quit claim deed cannot be used for release from any kind of loan. It is not that it is true for automobile loans only.
no heather, a quit claim deed cannot help you take your name off the automobile loan.
you may request the primary borrower to refinance the loan in his name so that you are out of it. but the lender will require a credit check of the primary borrower. and if he passes through, only then he will be able to refinance.
sara
you may request the primary borrower to refinance the loan in his name so that you are out of it. but the lender will require a credit check of the primary borrower. and if he passes through, only then he will be able to refinance.
sara