but they just signed a car loan together... can she have her name removed?
2007-12-11 00:30:26 · 9 answers · asked by Teresa 3 in Cars & Transportation ➔ Buying & Selling
Again UCANTCME is using the same wrong answer. The DMV has nothing to do with loans so don't bother calling them. Do contact the lender and explain the situation to them. They should be able to tell you if there is any way to take her name off the papers.
2007-12-11 03:46:56 · answer #1 · answered by Otto 7 · 0⤊ 0⤋
Not only can she not just get off of the lien, if she is the one with the higher credit score, the credit agencies and the lenders will see her as the primary on the account. The only way to get off of the loan would be to have the ex boyfriend refinance under his name only or sell the car but if her sells it and (most likely it would be) there is a balance because the car is worth less then what they owe, they will still be liable for paying of the remainder of the loan. It may make more sense for her to be prepared to eat that overage just to get out of this situation that can have long standing repercussions for her credit and ability to buy another car or even a house.
2007-12-11 10:44:57 · answer #2 · answered by Miss Motor Mouth 4 · 0⤊ 0⤋
No...as long as this loan is active, the two of them will be jointly responsible for the payments. In the short term, it is imperative that your daughter make sure that she stay current on the payments. Any delinquency will tank both of their credit scores.
In the long run, I would try to refinance and get his name off of the loan. The problem is cost. They probably put both of their names on the loan because they could get a better rate if he had stronger credit than she had. She may have to pay a higher interest payment without him.
2007-12-11 08:52:25 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
This shows a major pitfall in signing anything with someone we're not married to. If he has the car, she's still responsible for the loan and it can affect her credit history if he doesn't pay.
I'd try to get the car and sell it to get out of this one.
2007-12-11 08:38:58 · answer #4 · answered by Woods 7 · 2⤊ 0⤋
Nope. If they were married she can ask for it in the divorce settlement.
If they were not married and entered into this contract together, then they are equally responsible for the balance of the loan.
2007-12-11 11:08:09 · answer #5 · answered by mccoyblues 7 · 0⤊ 0⤋
either she can sell the car or he will have to refinance it in his name otherwise she is just as responsible for the payment as he is...
2007-12-11 08:41:17 · answer #6 · answered by chelle B 4 · 0⤊ 0⤋
NO..NOT UNLESS HE AGREES TO REFINANCE. IS THE VEHICLE IN BOTH THEIR NAMES OR JUST HIS? IF ITS IN HIS NAME AND HE QUITS PAYING SHES STUCK. ALSO, HIS LATE PAYMENTS WILL REFLECT ON HER PERSONAL CREDIT. GOOD TIME TO SEE A LAWYER.
2007-12-11 10:31:53 · answer #7 · answered by PEABUS 6 · 0⤊ 0⤋
not unless he refinances the car in his name, she is still responsible
2007-12-11 08:35:31 · answer #8 · answered by audioworld 7 · 3⤊ 0⤋
ITS BEST IF YOU CONTACT YOUR LOCAL (DMV) DEPARTMENT OF MOTOR VEHICLES OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.
2007-12-11 08:35:16 · answer #9 · answered by Anonymous · 2⤊ 3⤋