Cosighning

We need to remove our name from the vehicle becuze they made alate payment and it goes on our credit, they have poor credit how can we get out of this? they dont even want to talk about this. and we need to get things . will this effect us of getting things?

The whold reason for a co-signer is to have back up if the orignal signer defaults on payments. You have to remember how important is your signature on paper. It will effect your credit score and can deny you of refinancing a home or purchasing a home. You can have your named removed off the loan if the bank will refinance the first signer by his/herself. But knowing they have bad credit the whole point of having a co-signer is useless. You as a co-signer is responsible for the loan.

Thank you for your answer on the cosighning question. Wounder if our name is first on the loan. Do we have the right to take the car and trade it in? And first on the title.

If you are on the paperwork as a co signer, you are stuck with it. if they are late, yes, it affects your score. It is just like you were late with it.

Is the title in your name or theirs? if it is in your name, then you should be able to trade it in. The only way off the loan is to have it paid in full, and hopefully there is enough equity in the loan that if you traded the car in, it would pay off the car loan.