What to do about an auto loan in a divorce if it’s in the wife’s name but the husband wants to keep the vehicle?
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What to do about an auto loan in a divorce if it’s in the wife’s name but the husband wants to keep the vehicle?
In a divorce the wife and husband have a loan on a truck; the wife being the primary on the loan. the husband wants to keep the truck but the wife wants her name off the loan. The finance company said he would have to refinance in his name, problem is his credit isn’t good enough for a loan. What are options?
Asked on June 20, 2011 under Family Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
None that are good for the wife, in my opinion. If you agree in your divorce agreement that distribute the assets that it is to be his and etc., etc., etc., if he defaults the lender can still come after the wife. I might seek to try and either get a loan from a third party to pay off the loan and then distribute the other assets accordingly (being that paying off the loan would be paying off her obligation as well). One would really need to sit sdown and look at the entire situation, reviewing all your assets and coming up with a plan of sorts to figure out a situation that is beneficial to both of you. Get some help. Good luck.
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