sternengel
New Member
Hello, I'm writing on behalf of my mother who has recently terminated a long relationship. She is concerned about her responsibilities regarding his vehicle:
Both my mom and her ex's names are on the title and registration. She co-signed on his financing (because he owns literally nothing.) Now, he's never been late with a payment, loves his truck, etc. and when Mom called the financing place, a woman who worked there said since he's great about payments it shouldn't be a problem for him to refinance in his own name. However, when he called to do the refinancing, the company said no. No one in his family has collateral either, and my mom doesn't want the truck. She's concerned about two things however:
Refinancing
It looks like there is nothing she can do here; he can't get it in his name alone and no one can sign with him. But, it could be a good thing for her name to still be on it, so if he misses even one payment, she can be notified and take possession of the truck.
Title and Registration
Mom wants her name off of this because she's worried if he gets into an accident, could she be sued for anything? But, if her name is off the vehicle and he stops making payments she can't turn around and say "Gimme the keys" because it won't be hers, but financially she'll be responsible for it.
If her name isn't on the financing but on the title she can still be held responsible but not be informed if he doesn't pay up. If her name is on the financing but not the title, even though she will know if he's not being responsible she'll have no legal way to say "Give me the car." She doesn't want any of this though; she'd rather it all be his and he be gone.
What would be the best way for her to handle this, and in what ways would she be held accountable if he screws up (like a DUI accident) and her name is still on his car?
Any help would be greatly appreciated.
Both my mom and her ex's names are on the title and registration. She co-signed on his financing (because he owns literally nothing.) Now, he's never been late with a payment, loves his truck, etc. and when Mom called the financing place, a woman who worked there said since he's great about payments it shouldn't be a problem for him to refinance in his own name. However, when he called to do the refinancing, the company said no. No one in his family has collateral either, and my mom doesn't want the truck. She's concerned about two things however:
Refinancing
It looks like there is nothing she can do here; he can't get it in his name alone and no one can sign with him. But, it could be a good thing for her name to still be on it, so if he misses even one payment, she can be notified and take possession of the truck.
Title and Registration
Mom wants her name off of this because she's worried if he gets into an accident, could she be sued for anything? But, if her name is off the vehicle and he stops making payments she can't turn around and say "Gimme the keys" because it won't be hers, but financially she'll be responsible for it.
If her name isn't on the financing but on the title she can still be held responsible but not be informed if he doesn't pay up. If her name is on the financing but not the title, even though she will know if he's not being responsible she'll have no legal way to say "Give me the car." She doesn't want any of this though; she'd rather it all be his and he be gone.
What would be the best way for her to handle this, and in what ways would she be held accountable if he screws up (like a DUI accident) and her name is still on his car?
Any help would be greatly appreciated.
