I dont post often, but I am in and out. I recently had my divorce finalised. This is a good thing. We are still on talking terms, but only because we share a child. Otherwise I wouldn't look back. So, no remorse. My now ex and I bought a car in the begining of 2002 (one I didnt want, nor thought we could afford..one of our biggest problems) The new car was for him, well he took it in the divorce, which was fine with me. However, since we split, he is continuously late on it. This last time has reached over 30 days. Yes, you guessed my name is on the loan as well as his. I have asked him for 9 months to refinance the thing so my name would no longer be on it. Now 9 months later he can't make the payments at all and his credit history is dismal at best. How do I get my name off of it? I really can't afford to take over the car payments and insurance, and I need to refinance the house under my name only. As long as he continues to paylate he is hurting my chances of getting a good refi, or to get refi'd at all. Help!!!Lula
Hi Lula,First of all congrats on finalizing your divorce. I went through the same thing just over a year ago. It's good to have closure.In regards to your car, I know that your name can be removed from the car title but unless your ex refinances the car under his own name, it looks like you are both stuck with the bill and late fees that are incurred due to late payments on your credit report. The best thing you can do in any situation with home refinance creditors is to make sure that your divorce decree states that the car is his financial responsibility and hope that they take that into consideration.Whatever you do, you do not want to have the car repossessed. That's extra bad on your credit report as you probably know and brings up other issues I can't recall. I advise you defer to the Credit Card board in that situation to see what the consequences are.Another option is to sell the car for the balance of the loan. There won't be any money to be made off the car but at least there won't be any payments, either. It's a thought and as long as the ex agrees, the title can be transferred quite easily in this instance.I hope that helps a little.CaveGirlp.s. if you have some free time, I'd love to meet for coffee or similar...
Lula,I crossposted this to Credit Cards... you have some replies...http://boards.fool.com/Message.asp?mid=19191460&sort=threadedCaveGirl
I think your only option here is to sell the car, and pay off the loan. You're probably going to come up short on the payoff amount--can you scrape together the extra? If the ex balks, you'll probably have to go to court. I also suggest you call the finance company right now and explain what is happening and see if they will work with you for a few months until you can sell the car. They probably don't want to repo it, as they won't get full value out of the car, and then they will have to collect the balance from you.
caveu r the best:) I have sun-tues off drop me an emailLula
just as a general source for stuff:http://boards.fool.com/Message.asp?mid=19076073
Dropped a line to you via e-mail with a number to contact me... looking forward to hearing from you!Karen
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