How can I be removed from a used auto loan and title due to divorce?
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How can I be removed from a used auto loan and title due to divorce?
My husband and I were married 2 months ago. We recently purchased a used truck with the loan and title in both our names. The loan was approved on my established credit however, he drives it to and from work. Our first payment is due on the 1st of next month but I want to ask him for a divorce. I don’t want the truck, I just want to protect myself from a potentially harming effect on my credit. What is my best option here?
Asked on July 9, 2011 under Family Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation and in such a short time. You are smart to think about the hazards of the situation prior to the divorce. The only way to protect yourself is to have your husband refinance the car in his name only and then to sign the title over to him so that he can re register the truck in his name only. There is no other way to do it. Even if you decide in the divorce agreement that the truck will be his and you shift the liability to him via the agreement, the lender is not bound by the agreement. So if he defaults they can come after you. Get a good attorney. Good luck.
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