We divorced and she kept the car that we purchased together. Is there ANYTHING that I can legally do to remove my name from the car loan? She says that she doesn't qualify for a loan due to credit issues, and can't get a refinance. PLEASE HELP!!
2007-04-18 10:48:28 · 1 answers · asked by Jay B 1 in Business & Finance ➔ Credit
Go to the divorce court and ask them to ORDER her to refinance or sell within 60 days. The ONLY way to get your name off the loan is to pay off the loan. You can ask the lender to remove your name, but if they won't refinance in her name alone, the answer will be 'NO'.
The first answer is WRONG the divorce degree is NOT binding on the finance company.
2007-04-18 12:59:00 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
A lawyer can draw up any kind of agreements he want, but it won't change the fact that your name is on the mortgage and her name is probably on your car loan. Find a way to at least pay off the car loan as soon as possible. If she is living in the house and can't pay the mortgage payments, then you will both be facing a foreclosure. Put the house up for sale immediately and get enough to pay off the mortgage.
2016-03-18 03:26:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Lenders do not care about divorce decrees. All they care about is getting their money.
The only way for you to remove your name from the loan is for the loan to be paid off or refinanced in your wife's name only.
This should have been a part of your divorce settlement.
2007-04-19 04:11:56 · answer #3 · answered by ? 7 · 1⤊ 0⤋
That's going to depend upon whom the car is titled to.
If it's titled to her, you might be able to go to the bank and work on it.
If it's titled to you, work it out with your ex to sell it, pay off the loan, and give her any money left over to help her pay for a car that she can afford.
If she squawks about it, and it is titled to you, sell it anyway, and get out from underneath that burden. Neither of you need this quagmire at this point.
2007-04-18 11:00:54 · answer #4 · answered by Bobby Jim 7 · 0⤊ 0⤋
Bring the Divorce Decree, and the agreement concerning the car being given to her to the financing source. Tell them to remove your name. If they don't want to inform them by Certified mail that you are divorced and that you are no longer responsible for car as indicated in the copies of your documents that you have enclosed. If they still don't do it.. You have no choice but legal recourse.
2007-04-18 10:56:11 · answer #5 · answered by p2ponly 3 · 0⤊ 1⤋
Interesting discussion!
2016-08-24 00:02:41 · answer #6 · answered by ? 4 · 0⤊ 0⤋
if you have no $ bankcrupies
2007-04-18 10:59:35 · answer #7 · answered by derek48316 3 · 0⤊ 1⤋