How do I remove my name from a car title when the bank has the title?

How do I remove my name from a car title when the bank has the title using a bill of sale? Watch as Attorney Tom Olsen answers this question and more! 

Attorney Tom Olsen: Let’s get to work. First on the line this Saturday morning is Chris from Kissimmee. Chris, you’re on News 96.5, go ahead.

Chris: Good morning, Tom. I want to thank you for taking my call this morning.

Attorney Tom Olsen: You’re welcome.

Chris: I have a 22 year old daughter who just recently bought her first brand new car. Because she was 20 and she really didn’t have any credit background I co-signed the loan for her.

Attorney Tom Olsen: Uh-oh.

Chris: Yes, well, come to find out we get the registration and the title application in the mail from the dealer and I’m listed as a co-owner. I have another daughter that’s on SSI and I can’t be an owner on a new car. How do I get that taken off?

Attorney Tom Olsen: Well, first of all, you do not have the title to the car, the bank has the title to the car. But, Chris, what you could do, would be a bill of sale. It’s not a public document, it’s not recorder or filed anywhere. It’s just a private document between you and your daughter where through this bill sale you give her your interest in that car. That’s completely perfectly legal. And then all you have to do is sit back, Chris, and hope and pray that your daughter makes all the payments on time.

Chris: Yes, this is true. But also, she did get a letter from the bank from the finance company and the loan was addressed just to her, I wasn’t even mentioned in it. So I’m sort of wondering why they would’ve put me on the title as a co-owner.

Attorney Tom Olsen: I don’t know why, the lender may have required that, Chris, but in any case, this bill sale would solve your problem.

Chris: That’s wonderful, Tom. You just made my whole day.

Attorney Tom Olsen: All right, Chris, you’re welcome.

Chris: Have a great day.

Attorney Tom Olsen: You’re welcome.