Okay, so here's the deal. Going thru a divorce right now and my ex hadn't been paying the vehicle as he should have ~ kept deferring payments to the end of the loan and now we still owe $11,000 on a '96 van. Horrible, huh? Gets worse. My parents are on this van loan. My mom is very ill with cancer and because hubby and I are divorcing, having his name on this loan is driving my dad insane. Literally. Even better, that ex of mine didn't pay state taxes in three years so now I can't even drive the thing cuz there's a lien on the registration!!! I moved out of the state we had been living in several months ago, and now am really looking hard for a resolution to this. My old banker had once let it slip they they would be willing to settle for less. Should check with my new bank to see if they would be willing to finance it for me? Several months ago, I had applied for a loan to get the money for the lien but was denied, but this would be secured. Do you think there is hope? Better idea?
2007-08-19 05:58:10 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I would try to handle this though the divorce. If your soon to be ex will be keeping the car, ask the judge to REQUIRE he refinance the car in his name alone or sell it and finance the deficiency within 90 days. If you will keep the car, make sure his name is removed from the title before you refinance. A new loan to settle the existing liens may be a good idea, but more information is needed.
2007-08-19 09:01:42 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
1
2016-09-26 07:26:04 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The bad news is most banks will not use a vehicle over 5 years old for collateral and if your name was on the car loan as well, its probably ruined your credit. My thoughts are -- call the bank where the loan was/is originally and ask them to settle most times they will because something is better than nothing and it saves them time and money when they dont have to track it down to re-possess it. The tax situation you will have to contact the dept. of revenue in that state and set up payment arrragements for the taxes and they will probably release the lein.
2007-08-19 11:33:45 · answer #3 · answered by Angela H 1 · 0⤊ 0⤋
Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen towardyou can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
2007-08-19 06:12:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
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2007-08-19 06:50:20 · answer #5 · answered by Carlo E 1 · 0⤊ 1⤋