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How Do I Get My Name off a Car Loan After Divorce?
I helped her 4 years ago as a cosigner because of her bad credit. Now she doesn't do payments on time and it affects my credit. What are my options? I am from Nashville, TN. Thanks in advance
14 Answers
- Ted KLv 72 months agoFavourite answer
TN is a community property state, so this should have been sorted out in the divorce agreement. Maybe you need to go back and read the decree.
- champerLv 72 months ago
Being a co-signer means that either of you, or both, are responsible for making payments. The term is "joint and several liability". That's what you signed up to. If she isn't making the payments the lender may well come after you. They don't care which of you pays, they just want their payments. They aren't going to release you from your liability unless you can come up with a means to settle the debt with them.
- babyboomer1001Lv 72 months ago
If you two hid the car as an asset on the divorce papers, then you get the consequences. The ONLY way to get your name off would be if your ex agrees and qualifies to refinance in her own name only. If she doesn't, then as a co-signor, you are responsible to make the payments. Why would you not disclose it in your asset papers, especially when she was going to keep the possession?
- StephenWeinsteinLv 72 months ago
You pay off the loan yourself. To be very clear, that is your only option. You do not have "options".
That is what cosigning means: It is a an agreement that you will make sure that the loan payments are made on time, somehow, even if you have to pay them yourself to do it.
- Anonymous2 months ago
As part owner, you can negotiate with the seller, make a payment, take ownership of the car and trade it in for a credit.
- Christin KLv 72 months ago
you are only going to get that bad deal off your credit report if you PAY it off. As a co-signer, this is what you risk. You will have to pay off the loan yourself. You can't simply ask to have your name 'taken off' a loan--you agreed to be a co-signer and that's what a co-signer IS--the 'back up plan' for any creditor. Sorry.
- Anonymous2 months ago
if its a small amount, ask the lender to remove the negative reports in exchange for you paying of the balance and consider it a life lesson.
- STEVEN FLv 72 months ago
The ONLY way you can get your name of the loan is for the loan to be PAID IN FULL. You can petition the court to ORDER the other party to refinance.
Unless 'her' refers to the person you divorced, they won't even schedule a hearing on that point.
Note: Divorce court can order one party to pay the loan, but CAN'T order the lender to remove anyone from the loan.
- 2 months ago
If you were married you did not 'help her with a car loan', you bought a car together and financed it. If she received the car in the divorce, the question of how the car loan should be handed should be spelt out in the decree. First thing to do is read it.
You cannot just 'take your name off a car loan' but if the document says she is responsible for the payments you can pay the missing installments and take her to small claims court to recover the money from her. If the car is titled in just your name, might be cheaper and easier to pay off the loan and repossess it.