Insurance/Title Question?

Question

My husband and I got divorced on Monday. He wanted to take our truck (which we owe twice what it's worth) so I let him have it. The loan and the title are both in my name. I am required to turn it over to him at the end of the month. He has 90 days to get a loan and title it in his name. If he fails to do so, do I still have to carry insurance on a vehicle I can't drive??? I'm not wanting to pay $120 for something I dont' have possession of!!

According to the divorced papers, I am held harmless for anything owed on the truck...whatever that means.

Answer 1

For 90 days, while it's in your name, yes. At the end of those 90 days if he hasn't done what he should have done he is in contempt of court. No, you would not have to carry insurance, and I would also fill out whatever form you need to at the Department of Motor Vehicles to notify them you no longer have an interest in the vehicle so it won't come back to haunt you. You should also notify the lender at the same time so you won't be responsible for any payments not made. Send them a copy of the agreement and let them contact him.

Answer 2

If he has not completed the transaction in the 90 days he is required to....(sounds like your not expecting him to)...I would try to contact the finance company, explain your situation, and see if they will insure it and add it to the monthly payment... any vehicle that is financed requires full coverage insurance...as soon as they recieve notice from the insurance carrier that coverage has been terminated they will send you a letter giving you a time frame in which to comply...if you don't they will either come take the vehicle, or insure it and make you (or him) pay the additional. If it makes any difference to you.....finance companies don't care what the divorce decree says...you purchased the vehicle..signed on the dotted line and agreed to the terms of the purchase agreement for the full life of the loan. So, it wouldn' tdo you any good to tell them "my divorce decree says" cuz they don't care..and WILL come after YOU! I know this isn't what you were hoping t hear...but yes...as long as the vehicle loan is in your name...your responsible for the insurance. If he has not completed in 90 days...I would probably take the truck away from him until he does what the court ordered him to do...as the other answer stated...he'll be in comtempt of court. Problem is gonna be....he won't be able to get it financed if you owe that much more than it's worth....finance companies won't lend that much on the vehicle!

Answer 3

I am assuming that your divorce decree states that your ex-husband gets the truck, that's why you are allowing him 90-days to get a loan. Now the real problem and you have 2 of them, you say that the loan and the title are in your name only. This means that you are responsible for that vehicle including insurance and payments. Your lender whoever they are will not give a hoot what your divorce decree says all they care about is that you are the one who signed the paperwork.

Look, I deal with stuff like this every day and believe me until he gets a loan in his name and pays off your loan, you are responsible.

Answer 4

OK, let's say he doesn't get the loan, keeps the truck, and doesn't insure it. The truck gets totalled. YOU will keep having to pay the loan off, on a truck that you still don't have posession of.

Keep it insured until he has the loan. OH, BTW, you cannot legally turn that title over to him, with the lein still on it . . . the leinholder will not release the title to you, until the current loan is PAID OFF. So you should have your lawyer address that little bit.

Answer 5

As long as it is titled in your name, you better keep it insured. As the owner, you would be responsible for ANYTHING that happens, wreck, someone killed, burned in a fire, ANYTHING and if you are that far upside down, the last thing you need is to owe that much and not even have the vehicle.