I am separated from my husband. We are in the process of filing for dissolution. Per our agreement he got to keep the car that was financed in both our names. He is now in financial trouble and I fear the car will be reposessed before the dissolution is final and w/o me getting my name off the loan. What recourse do i have here? I have spent a fair amount of time since the separation getting my credit in good standing as an individual and I am really stressing about this hurting what I have worked so hard for. Anyone?
2006-09-15 15:48:51 · 10 answers · asked by sammiejane67 4 in Family & Relationships ➔ Marriage & Divorce
You either pay it off , or have him re finance it under a used car loan in his name only. If you still owe more on the car than the bank will loan on it then you won"t be able to do this . You'll have to pay it off. No easy way out really.
Good luck with that one.
2006-09-15 15:55:09 · answer #1 · answered by joy 3 · 1⤊ 0⤋
You need to get a new loan to pay off the current loan, then have the vehicle titled in your name only. If you leave your hubby's name on that title, he legally owns half that car, even if you are making the payments. With today's economy, any bank would be happy to snatch that loan away from another bank. Call your current finance co., and tell them that you need a payoff amount, as you plan to pay in full and take your biz elsewhere... they may reconsider their position at that point.
2016-03-17 21:44:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The best way to get your name removed on a joint car loan is to sell the car. You have to get his consent to sell it since it in his name too. The agreement you two have drawn for the car is it in writing? or you just did it verbally? I should say before the car is repossed you both could sell and pay off whatever left on the payment on the car. That is the only way you could get your name off wthout ruining your credit rating.
2006-09-15 15:59:49 · answer #3 · answered by leyte6519 3 · 1⤊ 0⤋
Unfortunately it is really difficult. The only way to get out of the loan is to pay it off or have your husband go in there and refinance the loan in his name if the finance company is willing to do that. They may if the pay off is less than the appraised value. Good Luck!
2006-09-15 15:57:53 · answer #4 · answered by eimmahs 5 · 1⤊ 0⤋
If you have an attorney let him know what is going on and tell him you want you name off the car completely. He can have your name taking off the car since your future ex got it. If not before they repo the car, you should be able to send a letter to the finance company by your attorney to explain you were separated and in the process of a divorce when the car was repo and that your husband had the car. They should be able to take anything that shows of the repo on your credit off so it doesn't affect you.
2006-09-15 15:59:55 · answer #5 · answered by Countrygirl 5 · 1⤊ 0⤋
You HAVE to make sure the payments are kept up to date. The lawyer can legally seperate the loan from you when the filing is complete but until then your husband can trash your credit. If this situation is combative you may want to keep tabs on the payment history directly with the bank.
2006-09-15 17:02:02 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Finance companies see this every day and they have to maintain control of the collateral. Either sell the car, do nothing or watch the car get repossessed.
2006-09-15 16:07:30 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Your husband will have to refinance the car under his name only. This is the only way u can get out of it, besides paying it off.
2006-09-15 15:59:44 · answer #8 · answered by cheetah7 6 · 1⤊ 0⤋
you will have to have to go back to the lender and have the loan changed and a new agreement will have to be done.
2006-09-15 15:55:31 · answer #9 · answered by mr. Bob 5 · 1⤊ 0⤋
Contact the finance company, they can tell you the scoop!
2006-09-15 15:53:45 · answer #10 · answered by jewels 2 · 1⤊ 0⤋