A cosigner release is a document the lender provides that removes the cosigner’s name from the loan agreement. To be approved for a cosigner release, the primary borrower must meet certain conditions, like having a high enough credit score to manage the loan on their own and making a certain number of on-time payments. Once the cosigner is released, they are no longer responsible for repaying the loan if the primary borrower cannot.
You may be able to get a cosigner release on a personal loan, a student loan or a car loan, but not all lenders provide them. In addition, you may have to ask for a cosigner release, since most lenders won’t let you know when the cosigner can be removed from the agreement.
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