Legal Question in Credit and Debt Law in Maryland

Re: Can I get my name off of a car loan as the original borrower

I am not sure of who is who given your facts. If you signed as the primary

borrower then the car is yours. Any default in payment will go to your credit record. But, you also own the

car...look at the title to determine who signed as primary. If this is the case, and he is driving the car, you have

a bigger problem. Require that he carry his own automobile insurance policy or you may place yourself at risk of suit

in the event of an accident that he caused. As for the loan, the car would have to be retitled and a secondary loan obtained.

Secondary loans are always more expensive even for those who have good credit. Monitor the payment status regularly and ensure no

deficiency accrues to the account. You need to take prompt action with the creditor in the event of a deficiency or risk adverse

credit reporting or worse--a judgment against you (this all assumes you are the primary borrower and not the co-signer). If you are the co-signer and he

is the primary borrower, you still bear risk and this depends on the capacity in which you are a co-signer (i.e., surety or guarantor).

Feel free to contact me if you encounter a problem or should have other legal needs.

G. Joseph Holthaus

(410) 799-9002

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