I bought a car for my wife just a few days before I found out she was cheating on me. The loan for the vehicle is in my name and she says she wants to keep it and make the payments on it. I have no problem with her keeping it and making the payments. How do I make this legal? Do I put the terms in our seperation agreement? Do I do up a seperate legal contract? What if she doesn't pay for the vehicle and it gets repoed, does it go on my credit report? If it does, how do I clean up the mess? Thanks for the help.
2006-08-14 14:15:27 · 17 answers · asked by cody h 2 in Cars & Transportation ➔ Other - Cars & Transportation
Transfer the title to her name only. If her credit is OK and they approve her, your lender should allow you to do this. If she is serious about making payments then this should be no problem for her.
However, if she puts up a fight, then you get an idea about how serious she actually was about making the payments (she intended to screw you). In that case, you will have to sell and cover the difference. It will save you money in the long run.
2006-08-14 14:23:27 · answer #1 · answered by Christopher 4 · 0⤊ 1⤋
Do yourself a HUUUUUUUUUGE favor and don't do this. If you can't trust your wife to just keep her pants on, why should you trust her to make payments on YOUR loan. If there is any way you can take this loan out of your name...do it. Otherwise...I sure hope the car is in your name. Keep the car and sell it to pay off the loan. Don't worry about her not having anything to drive. Tell her to borrow that guy's car. She didn't care when she cheated on you, you shouldn't care now about her problems.
2006-08-14 21:24:04 · answer #2 · answered by Jenn 6 · 0⤊ 0⤋
How can she still have the nerve to ask for a car!!!!!!!!Separate legal contract, if she does not make the payments, YOU are screwed. The only way is to change the vehicle to be under her name, she has to undergo credit check, and all that good stuff. If she does not want to change the title to her name, and still wants to keep the car, keep it yourself or sell it (to avoid any sentimentality).
2006-08-14 21:21:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If she doesn't pay, it's your credit rating that gets bent. The only way as far as I am aware is for her to arrange a loan to pay you off. I would seriously think about not letting her make payments against a loan you took - that could go badly wrong. Talk to your lender and see if they are willing to transfer, or failing that, talk to a solicitor about setting up a financial commitment so you can at least counter sue if she defaults.
2006-08-14 21:20:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear that, you should watch the movie Along Came Polly, Ben Stiller bought a house for her! Not all girls are dirtbags. I think the DMV has the answer and can have it put in her name, do not trust it in your name. Since it is in your name you can legally sell it though. Each state has different rules, The DMV can tell you all that stuff.
2006-08-14 21:28:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Insist she puts it in an agreement that within a few months it will be tranferred over to her name unless you can get it done now. If she doesn't put the car in her name, she can make you pay for it, especially if it's not in settlement agreement or transferred over to her name
2006-08-14 21:22:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Get your name off the car as fast as you can, even if you're just a co-signer. If she doesn't pay or pays late, it'll be on your credit report for 7 years.
2006-08-14 21:21:56 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
Get it legally transferred to her. If not, GET THE CAR BACK! I was stupid and let my ex have the car - WRONG! Can you say Repo'd? It was the only bad mark on my impeccable credit, alas it ruined me.
She cheated on you? Sounds familiar. Take the b*tch for everything she and her lover got! And I ain't kidding.
2006-08-14 21:26:27 · answer #8 · answered by Newt 4 · 0⤊ 0⤋
Tell her to get a loan in her name and pay of the one in your name. Then transfer owner ship to her. Your are free and clear.
2006-08-14 21:35:23 · answer #9 · answered by Ironball 7 · 0⤊ 0⤋
I had the same problem, you can find a notary republic to help or a lawyer. eather will make it legal. I prefer a lawyer. it will cost around $100 but it is worth the time.
2006-08-14 21:23:26 · answer #10 · answered by trspass4 2 · 0⤊ 0⤋