I bought this car back in July 2006 and I had to put my wife's name as a co-signer on the loan application to get the best interest rate. Now my wife's name is on the paperwork as a co-owner, she's never paid any of my car payments, we've been separated for couple of months and we're heading toward divorce. Is there a way to take her name off of my car paperwork?
2007-01-20 11:25:24 · 8 answers · asked by anoia 1 in Business & Finance ➔ Credit
Yes and No. Yes, if she agrees to sign her portion of the car over to you, and if you can finance it solely in your name. However, if you are going through a divorce you are not allowed to transfer any assets until a property settlement has been reach. Since the car was bought during your marriage it is marital property, so it doesn't matter if her name is on it or not -- it's half hers. The good news is though, unless it is paid off, the amount owing on the car is marital debt and half hers as well.
I personally know how difficult a divorce can be financially and emotionally-Good luck : )
2007-01-20 11:40:27 · answer #1 · answered by wilsie 1 · 0⤊ 0⤋
Not if she doesn't want too. If she agrees, then you will need to pay off the car, transfer the title into your name, she will have to sign the title. The bank isn't going to let her off the note, after all why only have one person on the hook when you can have two? And without the bank releasing her from responsibility for the not why would she release her hold on the car?
So, you need a new loan, and for her to release the car to you.
2007-01-20 12:08:46 · answer #2 · answered by Richard 7 · 1⤊ 0⤋
There are a few web sites where lenders will re-finance a car loan. You would have to qualify or get another co-signer, and she would have to sign a release.
It makes sense, and she should be very happy to be released from this debt. And if you get divorced she can't say she wants the car or force a sale.
Talk to an attorney.
2007-01-20 13:21:02 · answer #3 · answered by Gatsby216 7 · 0⤊ 0⤋
if she agrees, she can sign the title & you can have her name removed. i don't know what state you are in so you will probably need to look at the title or even call you tax commission or whatever state agency handles car titles. otherwise, you may have to wait until the divorce since her name is on the loan. it may take your divorce decree to get her name off. good luck.
2007-01-20 11:37:45 · answer #4 · answered by tapple64 2 · 0⤊ 0⤋
If you're still making payments you can refinance your auto loan through a bank or another finance company. This will make a new loan in your name only.
2007-01-20 12:02:30 · answer #5 · answered by blazenphoenix 4 · 0⤊ 0⤋
Pay off the car and take a loan in your name. Now that doesn't mean that the title and registration is not in her name...depends how you bought the car.
2007-01-20 11:34:47 · answer #6 · answered by Anonymous · 0⤊ 1⤋
you didn't HAVE to put her name, you ELECTED to. theymake that real plain at the signing. no way you can weasel out of it now.
she's as much an owner of the car as you. if you're thinking divorce her lawyer will nail your butt one way or another
2007-01-20 11:34:56 · answer #7 · answered by Lane 4 · 0⤊ 0⤋
1. Reconciliation with your wife would nullify the dilemma 2. A legal Professional , an Attorney would be able to answer your question most accurately, if a divorce is still contemplated.
2007-01-20 11:34:13 · answer #8 · answered by pooterilgatto 7 · 0⤊ 0⤋
nope sorry
2007-01-20 11:32:17 · answer #9 · answered by glamour04111 7 · 0⤊ 0⤋