my estranged wife & I have a loan on a vehicle. both our names are on the title. by obtaining a quit claim deed can I have my name removed from the title and loan?
Jewel:
Typically, a "quit claim deed" is used to transfer real property (real estate) and not personal property, such as a car. The Department of Motor Vehicles in your state most likely handles processing changes in the ownership of vehicles through transfers of title to the vehicle. Also, if there is a loan on the vehicle, then most likely neither your wife nor you have the title and the lender is holding this title subject to full payment of the loan. So, the short answer to your question is "no." Whatever company lent you the money relied on the credit of both your wife and you, and now that you are separated (or even if you got divorced) the lender doesn't care and still wants you on the hook. You could try to ask the lender to do this, but it is highly unlikely that the lender will agree to take you off the loan. So, even if you could transfer the ownership only to your wife, then you'd have a liability (the debt) without the asset (the car). Not a great deal!
Another alternative is to have your wife refinance the car in her name alone, whereby the current loan is paid off, and she alone is liable on the new loan. During that transfer you could also transfer title to her and be off the hook. That's your best option to remove yourself from liability earlier than when the current car loan is paid off. If this option is not available, and you have to wait until the first loan is paid, make sure you transfer your interest to your wife at that time so you don't remain liable for any accidents, etc.
Please note, I am not admitted to practice in your state, but the above information is based on general legal principals. Please check with an attorney in your state to confirm.
Cindy S. Vova
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