QUESTION
How can I remove my wife's name from my auto loan?
Asked on Nov 12th, 2016 on Contracts - Louisiana
More details to this question:
My lender (Wells Fargo) states they cannot refinance my loan because I reside in Louisiana. I want to remove her so that she cannot be held responsible for the loan payback. I am employed and she is not
1 ANSWER
I don't think you can. Your wife owes an obligation to the lender. The lender is under no obligation to release her from her obligation. Of course it will if you meet its criteria for refinancing, but it seems that you do not. The best you can do is to contract with your wife that, if she is ever called upon to pay anything on the loan, you will indemnify her. Of course, if she ever had to pay on the loan, it probably means that you were unable to pay it, and thus would be unable to indemnify her anyway, but it's better than nothing. If you pay the loan on time, however, your wife has nothing to worry about.
Answered on Nov 15th, 2016 at 1:42 PM