A year ago, I co-signed an automobile loan for my husband. We are now separated, and I am trying to get my name off of this loan. His credit is not that great, and I don't know what to do! Can you give me some advice as to what I can do to resolve this situation?
2007-03-08 06:22:39 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
I'm sorry to hear you are separated. And I hate to make life worse. You are obligated to the loan as a co-signer. You signed a legal agreement. Sorry.
Now I recommend you go and call the loan company, who ever holds the loan. Notify them that you are separated and want to be removed. If that doesn't work, and odds are it wont, you may have to make your husband refinance the car out of your name. That will take place in your Divorce Decree, and even that can not force him he just has to make a good faith effort to refinance the car.
Next thing I will recommend is close any joint accounts If you have joint credit anywhere else cancel it and do it now. Separation and Divorce kills peoples credit.
Sorry and Good Luck
2007-03-08 06:26:29 · answer #1 · answered by Alan W 3 · 2⤊ 0⤋
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2016-09-26 21:10:44 · answer #2 · answered by Lorenzo 3 · 0⤊ 0⤋
He has to refinance it into his own name. He can try a place like citiFinancial or Beneficial- they help people with some credit issues. I work in banking (LOANS) and see this every day, that is the only way to get a 2nd party off a loan, short of selling the vehicle and paying off the lien. I wouldn't trust his word or a decree that states he'll make the payments on time- divorce seems to bring out the worst in people. You will be held responsible for the payments as long as your name is on the loan.
2007-03-08 06:35:05 · answer #3 · answered by delight0211 5 · 0⤊ 0⤋
The only 100% fool proof way is to have him refinance. If he's upside down in the loan this may be nearly impossible without great credit.
I would, at the very least, make sure that you get copies of statements mailed to you--or that if they have an online log-in that you establish one so you can be sure he's paying.
A divorce decree DOES NOT remove you from the creditor's file or protect your credit. It simply doesn't have the legal ability to do that.
2007-03-08 06:37:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
He will probably have to get another loan only in his name to pay off the joint one. That's what I had to do to get my car in my name only. The company I had the original loan with won't change it after the fact. If his credit sucks, you could be in for the long haul. Good luck.
2016-03-28 23:32:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The only way to get your name of of the loan is your soon to be X has to refinance the auto in his name only. (or a different co-signer.)
I was tricked. I was told all I had to do was sign off the title. Signing off the title does not mean you are not legally responsibile. You are, so if you want it out of it, he has to refinance it.
2007-03-08 07:15:20 · answer #6 · answered by MJ 3 · 0⤊ 0⤋
Sorry to say but I doubt very much that you can get off this loan after you co-signed it. Your only hope I think is to get him to agree to pay it and have it in writing and notarized.
2007-03-08 06:28:35 · answer #7 · answered by question212 6 · 0⤊ 0⤋
OK, first of all divorce decrees are worthless. Even if it says your ex is responsible for the debt if he quits paying for it the lender will came after you. What you need to do if you can is get your ex to refinance the vehicle in his name only. This is the only way you can get out of being responsible for this debt.
2007-03-08 06:31:38 · answer #8 · answered by ? 7 · 1⤊ 0⤋
You may have to gain access to the account so you can monitor if he makes a payment on time or not. If he doesn't you should make the payment to protect your score and settle up with him later through lawyers if needed. But your credit will be damaged if he makes late payments or no payments.
2007-03-08 06:40:36 · answer #9 · answered by k.perk 2 · 0⤊ 0⤋
your name has to stay on the loan. it does not matter if you are separated or even if you got divorced. nothing can change the names on a loan document.
2007-03-11 19:23:57 · answer #10 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋