I want to get my name off of my car loan that I share with my ex?
My ex and I bought a car together, and I have been making the payments. I want to get a better car with a lower interest rate and let him take over the payments and have this car. is there any way I can do that and get my name off the loan?
- Anonymous1 decade agoBest Answer
You have to take out a new loan, in just his name. The old one must be paid off with the new loan.
Also....whose name is the car titled in? If his name is still on the title, he still owns it, or vice-versa. That has to be taken care of, too....and it's pretty expensive.
- 1 decade ago
You will probably not be able to take your name off of the loan. Just like for instance if you had a bank account with both names on it and you owed the bank money (your account was in the negative) they won't take any names off until the money is paid off. I believe it's the same with a car loan. What you COULD do though is go WITH your ex to the place and possibly both sign over the car to him. Hope this helps!
- LaraLv 41 decade ago
I would guess he has to refinance the loan under his name alone.
You will have to talk to him. Does he want this car? Can he afford it by himself?
I don't think you can just do it independently. You are responsible until the loan is paid or someone else takes full responsibility.
Sorry, I wish I had better news for you. Of course, I am no expert on car loans. Perhaps you will get better advice.
You two might be better off selling this car and both going your separate ways.
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- Barb BLv 41 decade ago
You'd both have to agree it to it and the company that holds the lien would have to agree to it as well. ... In most cases it would mean that he would have to refinance the car into his own name. Depending on the car (value), his credit, how much is owed vs the car's value, etc., that may or may not work.
You can't just 'make' him take the car and take over sole responsibility for the loan.
Is this ex boyfriend or ex husband? If he's your ex husband, this should have been addressed in the divorce settlement.
- quantumriftLv 61 decade ago
Whose name is ON the title? Who has the car in their possession?
What is the stipulation regarding the automobile in your divorce decree? If it says that YOU are to have sole possession of the vehicle, then you are stuck with it, and you can only use the decree to get HIS name off the loan. If it says that HE is to get the car, then you can go to the bank with the decree and have your name taken off it. If you both NEGLECTED to take care of this issue, then you are both still liable for the loan.
He would have to REFINANCE the car or pay it off in order to 'release' the LOAN or lien. You simply do not go into a bank and say "take my name off the auto loan". It does not work that way. Or you sell it and pay off the loan. If the pay off is MORE than the car is worth selling you are upside down in the loan and there is no alternative than to just pay it off.
If he is to get the car, then he either refinances it, sells it or otherwise pays off the loan to discharge the debt. If he does not, you will just have to TRUST him to make payments. If he does not, the car gets repo'd and that goes on YOUR credit history as well.
It really depends on what the divorce decree says. Hopefully you both had sense enough get something in writing.
- BootheLv 44 years ago
car loan share
- DMGLv 51 decade ago
He could refinance only in his name. Depending on his credit, you can ask your current finance company if they could alter the terms of the current loan to only include his name. If he is a poor credit risk they may not want to do this.
- Anonymous1 decade ago
You can go back to the lending company to renegotiate the terms of the contract, but unless your ex agrees to do that with you and take sole responsibility for it, or refinance through another organization, you are stuck making those payments.
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