I co-own a car and I wish to drop my name and get a new car. Will this affect my credit score?

We%26#039;ve only made one payment for the car. Will it be best for me to drop my name in the car that i co-own or let it stay there and can I still get a new car. How will this affect my credit history?

I co-own a car and I wish to drop my name and get a new car. Will this affect my credit score?

What do you mean %26quot;drop your name%26quot;? If you cosigned on a loan, you are responsible. The only way to %26quot;drop your name%26quot; is to pay off the loan.

I co-own a car and I wish to drop my name and get a new car. Will this affect my credit score?

There%26#039;s only 2 ways to drop your name:

1. Pay it off

2. Have the other party get a new loan under their name only.

I co-own a car and I wish to drop my name and get a new car. Will this affect my credit score?

It will affect your credit score if payments are late or loan default is declared.

You have to ask yourself: do you trust the person you co-own the car with to make payments? Typically, it is best to get your name removed from the loan. You can ask but it might be difficult. It depends on how much of your income was used to qualify for the loan. This loan if your name is one will show up on your credit report and it will be included in any calculation to determine if you can qualify for another new car loan.

I co-own a car and I wish to drop my name and get a new car. Will this affect my credit score?

Pay the car off and your free and clear. Then you can sell this car and buy another... No short cuts... If you have the car reposessed by the loan company---I doubt very seriously that any one will ever loan you money again. . Most apartment complex will not rent to you if you have a bad credit history. You and your husband will try and buy a house some day and the bank will not give you the loan for the purchase because your credit stinks. ... A bad credit rating might cause you to lose your job or prevent you from being hired at another... You may be young but don%26#039;t be stupid... The reprecussions are too great -- just for one used car...