QUESTION
What are my options if I am not able to remove loan out of my name or remove her name off loan?
Asked on Nov 25th, 2013 on Divorce - Texas
More details to this question:
I have a car loan with my ex girlfriend. I wish to remove my name off this loan and make her loan holder for this car or remove her name as co applicant and make me only person on loan.
6 ANSWERS
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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One, she or you will have to sign off the title. Two, you will have to get the loan company to agree. If the loan was made based on both your incomes, that is doubtful.
Answered on Nov 27th, 2013 at 2:15 PM
Your options may be an indemnification agreement. Consider going to a mediator for that. Mediation is Fast, Effective and Affordable. That can be done very quickly and it will be legally binding.
Answered on Nov 27th, 2013 at 2:14 PM
One of you must seek refinance and that will eliminate the other from title and obligation for the car.
Answered on Nov 27th, 2013 at 2:14 PM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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Unless the bank agrees to this, you can't do it. The bank probably won't so whoever has the car, should just pay off the loan.
Answered on Nov 27th, 2013 at 2:13 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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The car will have to be refinanced.
Answered on Nov 27th, 2013 at 2:13 PM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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A divorce order cannot alter the rights of creditors. If your ex can refinance the loan in that person's name, you will be released. If refinancing is not feasible, the car can be sold and the loan paid. Otherwise, liability for the debt will remain in effect. I suggest you hire a lawyer.
Answered on Nov 27th, 2013 at 2:12 PM