Q: I cosigned for my adult son a new car. He is now allowing his unliscensed teenage son to drive!! what can i do?
I called the bank and ask how to get my name off loan and title, My son would have to refinance, he does not qualify.
A: Make sure your son has adequate collision to cover the loan value of the car at all times.Point out to him it's bad for his rates and bad for the kid. Kid can get a permit then do the driving.Getting your name off a cosigned loan is tough unless you can get someone the bank will accept to sign on--and why would they when you don't want to?
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