The Cart before the Horse

garrett · #1 (**permalink**) 05-23-2008, 02:26 PM

Hello,

My wife and I recently split, we split the bills and are in the process (have not started yet actually) of formalizing our divorce.

She took the car, I took the van however the car is in my name and the van is in both our names.

I told her to try and refinance the car to get it out of my name. Is there a different way to do this other than a refi?

I also want to refi my van to get her name off the loan.

I feel if I wait for her to refi the car...I may qualify for a better loan as I will no longer have that debt under me. She however is in the same boat.

Because her name is on the van...she may not even qualify to refi the car based on that.

So who goes first??

We have another loan together in both our names that she has agreed to be responsible for, if I could get my name off of that, it would help me a LOT as well as it is for $65k.

I also feel if I do wait for her...it may never get done.

Thoughts?
Garrett

Robert · #2 (**permalink**) 05-24-2008, 09:59 AM

My advice is to acquire a lawyer and get before a judge as quickly as you can with your agreements for a legal settlement. Casual agreements become ignored quickly between parties, which can lead to both of your credit histories being wrecked. Time is of the essence while the both of you are still in a cooperative arrangement.
Regards, Robert

garrett · #3 (**permalink**) 05-27-2008, 01:38 AM

Thanks for the reply. I know what you are saying and it is good advice. Sometimes I just need some reminding!!

Thanks,
Garrett

maat55 · #4 (**permalink**) 05-27-2008, 07:48 PM

Quote:

Originally Posted by garrett

Thanks for the reply. I know what you are saying and it is good advice. Sometimes I just need some reminding!!

Thanks,
Garrett

Remember, just because a judge tells you to do something, doesn't mean it will get done and you will still be liable for any notes in your name. You should stay after her to see that it is done and the payments are being made in the mean time.

garrett · #5 (**permalink**) 05-28-2008, 12:05 AM

Thanks for the advice. It looks like I have a lot of work ahead of me. I appreciate the help!!

Garrett

philgtc · #6 (**permalink**) 05-30-2008, 01:19 PM

It may be difficult to refi the car if it has depreciated considerably. If it has not depreciated as it is a new car, sell it. If there is a small amount of depreciation finalise the loan with a smaller credit card debt. The smaller debt may allow you both to move on. Good Luck

By the way ensure ensure any agreement on both your parts is in writing as I would hate to see you get taken for a ride.

rachael24 · #7 (**permalink**) 07-15-2008, 09:39 AM

Just wondering if you have an update on your situation for us? Hope everything worked out for ya!

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