QUESTION
I'm divorcing and my name is on the loan to the wife's car, how can I get my name off the loan?
Asked on Feb 01st, 2013 on Divorce - Michigan
More details to this question:
My wife's SUV is in both our names, but I'm first on the loan. We use my credit to get the vehicle. How can I get my name off the loan? Can I make her legally refinance the car in her name? She make about the same amount of money as I do, with her new commission she will be making more. Her credit is very bad and I'm afraid that she will not be able to refinance the vehicle. What can I do? What are my options?
7 ANSWERS
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Chances are the bank will not allow you to take you name off. They will want to protect their interests in case she fails to pay so they can pursue payment from you.
Answered on Feb 05th, 2013 at 12:31 PM
John Arthur Smitten
The lender holds the title so either one of you can refinance or in the alternative pay it off then transfer the title.
Answered on Feb 04th, 2013 at 5:26 PM
Jeffrey Bradpiece
Unless she agrees to remove your name you are stuck. It is possible that at the time of trial or other hearing the court could order her to pay off the vehicle and then, if she wished, refi it. Possible but highly unlikely.
Answered on Feb 04th, 2013 at 5:26 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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If you have an attorney, talk with him or her. If you do not, you should ask her to explore borrowing the money to pay off the loan and then you can sign over your interest to her. If she cannot borrow the money, then the decree should state that she must pay the loan and when it is paid off, you will sign off your interest. It should also state that she will indemnify you for any payments that you have to make on the loan. That is important because if she files bankruptcy in the future, the property settlement is not dischargeable and she will still owe you the money.
Answered on Feb 04th, 2013 at 5:26 PM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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Generally, a creditor will not release one of the parties because they have no incentive to do so. You will be released if the loan is refinanced or the car is sold and the note paid. I suggest you hire a lawyer to discuss the specific facts of your case.
Answered on Feb 04th, 2013 at 5:25 PM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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The car loan is governed by your lender. Talk to them about what you can do. If she doesn't qualify, you may be stuck with your name on the loan. You could sell it to pay the loan off.
Answered on Feb 04th, 2013 at 5:24 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Explain the situation to your divorce attorney and have this dealt with in the judgment, if you do not have an attorney then call my office, or another attorney, and engage one.
Answered on Feb 04th, 2013 at 5:24 PM