Co-sign Update

So I went to the bank today that Mr Hive applied to get his car refinanced through. They thankfully approved him, sent in a payment in Nissan to pay off my co-signed loan, and today I “sold” him his car to him for the price of the new loan. I got nothing out of the deal except that my name is no longer associated with Mr Hive in any legal or formal way what-so-ever. The car loan has been paid off, which is actually great for me.

Interesting to think that the best thing for HIM would have been to keep the car co-signed (my assumption since this is the only thing on his credit report is that he took a hit on interest rates). The best thing for me was for him to refinance it. And he chose the best thing for me all to get me (the ex he hates for breaking up with him) off his back each month.

The car, a 2011 Nissan Versa, was refinanced for over $11,000. I have no idea the terms of the loan as it is none of my business. But it already has 25,000+ miles on it. That I did have to know to officially “sell” the car to him to release me from the title.

Two years. 25,000+ miles. Over $11,000. Man did the bank get screwed on that deal.

I thanked the loan officer as I left the bank for approving him. It really did mean a lot to me.


3 Responses to Co-sign Update

  1. Hurray! This is fantastic news – you can move on and not look back!

    ps. I’m sure you will already, but I would suggest pulling your credit report in about six weeks – just to make sure it’s come off.

  2. Whoo hooo!!! That’s great that you were able to get that taken care of so quickly.

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