How can I assume full financial responsibility for an auto loan I co-signed for without refinancing

I co-signed for a vehicle for my son but now he wants to reduce his monthly expenses. I want to take over the payments and get him off the loan so he can go buy a cheaper car and be able to qualify for the financing. Is it possible to somehow get him off the loan without having to go through the bank and refinance? We live in CA and it is financed through Wells Fargo.

How can I assume full financial responsibility for an auto loan I co-signed for without refinancing the loan?

Simple answer is NO you can not assume full responsibility without refinancing.

It sounds like you were going to keep the car anyways. So why not keep the loan co-signed, and have him keep the car. You pay the loan as you were going to by taking over the payments. Then have him pay you what he can afford. This way he still has a car, you don't have to pay for the entire loan and it helps his credit. Just a thought.

How can I assume full financial responsibility for an auto loan I co-signed for without refinancing the loan?

Now you are learning why it is never a good idea to co-sign for anyone -- especially a son or daughter! Don't repeat the same error on your son's %26quot;cheaper car.%26quot;

Call Wells Fargo and see if you can fully assume the car loan. It was probably your credit history that allowed the loan in the first place. You might even have to %26quot;buy%26quot; the car and take out a new loan, but the bank will be able to answer your question.

There were good reasons the bank did not consider your son a good credit risk and would only grant the loan with a co-signer. That should have been a %26quot;wake up%26quot; call for you, but you are now wiser and more experienced.

How can I assume full financial responsibility for an auto loan I co-signed for without refinancing the loan?

I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try....

http://thnlnk.com/deal4-you/Auto.Loans/0...

Good luck.

How can I assume full financial responsibility for an auto loan I co-signed for without refinancing the loan?

No you can't remove him from the loan...you would have to refinance to have him taken off compleatly. The bank issued the loan with you both, so it is a legal contract. I suggest calling the bank and finding out what your options are...knowing the situation you may be able to convince them to finance the 2nd car taking into account he is not responsible for the 1st car...smaller banks usually will do this, I don't know how larger banks do with it.