In the terms of the divorce the court awarded each of us one of the cars. The car that was named as mine in the divorce settlement is in my ex's name (loan and registration). The insurance is in my name. I've been making the payments since our separation almost 3 years ago. The payments are very high and the loan term is long. I would like to just get my own car at a lower payment. My ex will not willingly take back the car nor will he cooperate in refinancing it to put it in my name. I know I can't sell it or trade it in since it isn't in my name. Am I just stuck with the loan payments?
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Car loan is in his name but the judge assigned the car to me
- Thread Starter cavu5535
- Start date
mightymoose
Moderator
If it was awarded to you in the divorce you should be able to refinance in your name. Did you have a divorce attorney? If so that is the best source of assistance.
It was awarded to me but I haven't changed the registration over yet and the title is still held by the bank. Rather than refinance I'd rather just get a more affordable car. Even with a refinance it will be a little out of my means on a single income.
And the company that holds the loan on the car says they do not have a refinance option.
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mightymoose
Moderator
You can obtain a new loan from any company. You don't have to use the same one.
The registration and title really aren't even involved.
The new lender will pay off the existing loan and be the new lien holder. When you pay off your new loan you get the title.
If there are any issues with the ex being the original buyer that should be cleared up within the divorce paperwork.
Check with your bank or try Capital One and see what refinance options you have there. There are many lenders out there. Shop around.
The registration and title really aren't even involved.
The new lender will pay off the existing loan and be the new lien holder. When you pay off your new loan you get the title.
If there are any issues with the ex being the original buyer that should be cleared up within the divorce paperwork.
Check with your bank or try Capital One and see what refinance options you have there. There are many lenders out there. Shop around.
army judge
Super Moderator
It was awarded to me but I haven't changed the registration over yet and the title is still held by the bank. Rather than refinance I'd rather just get a more affordable car. Even with a refinance it will be a little out of my means on a single income.
And the company that holds the loan on the car says they do not have a refinance option.
You use the word "separated".
Does that mean your divorce has yet to be FINALIZED?
It was finalized in January. I have been making the payments from the day we separated all through the divorce process until now. My concern is that even with refinancing I won't be able to make the high payments. Getting the child support payments from him is going to be a battle and I can't rely on them to make ends meet. I need a car with a more affordable payment which I'm not going to be able to get with a refi. I can't pay off the loan even if I sell the car.
army judge
Super Moderator
Not to worry, you should investigate filing a personal bankruptcy, as in Chapter 7.
You file solo, don't include him.
While the BK is pending you won't be required to pay any debts.
You will need about $350 to file the BK.
You don't need a lawyer to do it, if you read directions and take your time.
If you live in Lakeland, you'll file your case in Tampa:
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Home | U.S. Bankruptcy Court Middle District of Florida
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Now, read this, if you're going to do it yourself, as in "pro se":
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http://www.flmb.uscourts.gov/filing_without_attorney/documents/before_filing.pdf
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You are WISE NOT to rely on a deadbeat or trickster to pay child support.
You can do it, as long as you approach it with your eyes and ears open, and keep your brain alert.
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ATTENTION to detail, and read to COMPREHEND.
Truthfully, talk to some local attorneys and see what they charge to represent you.
It's easier if you hire an attorney, but not impossible if you can't.
You'll need to complete two courses, one right away, and the other before the case is finalized.
I suggest you do BOTH ASAP, to get them out of the way.
They cost around $20 for both.
Here are a couple options:
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Bankruptcy Courses
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Here are ALL of the forms you'll need for FREE from the court's website:
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Forms | U.S. Bankruptcy Court Middle District of Florida
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Okay, last few things.
Once you file, you won't need to pay a dime on any debts.
I suggest you pay recurring debts = utilities, food, rent, etc..
All other debts don't pay.
The court issues a blanket injunction that stops people from hounding you for debts.
I always tell my clients pay the debts you'll need until you die: healthcare, auto insurance, life insurance, utilities, day care expenses, food, etc...
You can't pay credit cards, but you can salvage those by reaffirming the debts you wish to keep.
You will be able to get the debt discharged for YOU.
That means HE will owe for BOTH cars.
In a way, you exact some sort of LEGAL revenge.
You can also keep the car, not pay the note, and after its over the lender will come and get it.
If he wants it, he'll have to redeem, but that won't be your problem. LOL
Many BK lawyers will allow you to pay their fee in installments, so ask, if you need wiggle room.
Think about it, investigate it, see if it is what you need.
Oh, about three weeks after you file the BK, the new car financing offers will come your way.
You should wait until its almost over to look into them, but you can even walk away with a new car and lower payments.
Just don't get any financing beyond 36-48 months, and get yourself a NEW small car, as in totally new!!!
Thanks for the info! That gives me a lot to think about. Bankruptcy scares me because my credit took a hit during the divorce but it's not terrible so I've been trying to protect that. What happens if I just stop making the payments and let them repo the car? Would that come back on me in any way? I HATE to even consider it but... My name isn't on the loan and I know that car isn't going to last 3 more years (which is the amount of loan left). I looked into refinancing but that either keeps the loan length the same or lengthens it. So either way in a year I'm probably going to have a loan payment for a car that doesn't run anymore. The only reason this is the car the court gave to me is because he took the other one when he moved to Texas (which he did because he knew this one was a financial mess AND he wanted the credit bump because he knew I'd make the payments for him).
army judge
Super Moderator
If your name isn't on the loan, a repo won't hurt your FICO.
The repo will hurt the person(s) who signed the note.
A repo might be your best bet.
If your name is on the title, you can take it off by GIVING him the car.
That's what you should have done originally.
The best move is to buy your own car, a small, new car.
Let us know what you decide.
Can he refuse the "gift" if I give it to him?
army judge
Super Moderator
I call it a GIFT to be somewhat jocular.
No, you have the RIGHT to remove your name from the title.
If you chose to do so, it becomes his problem, and you bear no further responsibility for the car.
If the car is titled in FL, here's how you VOLUNTARILY take your name off of the title:
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In order to remove your name from the title in Florida, you must first check to see if the owner and co-owners names are joined by "or" NOT "and".
If the names are joined by "or", then only one of the owner's signature is required to complete the transfer of title. I HOPE that is how the car is titled. That is easy.
If the names are joined by "and", then both of the owner's signatures are required. You can verify this by visiting the online https://services.flhsmv.gov/MVCheckWeb/ Motor Vehicle Check. Look under 'Owner Information'.
You cannot remove your own name from the title if "AND" appears.
You must have the other owner present or have their signature on the title/application, so that they can transfer the title and put it in their name.
The applicable title fees must also be paid to the GREEDY state DMV. -LOL-
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I am correct that car is titled in Florida?
If I'm incorrect, in what state is the car titled?
Yes, it is titled in Florida. I just double checked the divorce paperwork and it says "Wife shall receive the exclusive ownership and possession of the ________. Wife shall be responsible fro any and all debt due and owning on the ________ and shall indemnify and hold the Husband harmless from any failure to pay same." But thought the banks wouldn't let the court tell them who held the debt? That is how it was explained to me. So if that's true, why is it even worded like that? The way this sounds he will sue me if I let it go into repo. Of course it states the same for the other car that he kept and the loan holders on that one are still calling me for his payments every month.
mightymoose
Moderator
I would expect him to sue you if he is damaged by a repo.
Do you have decent income? Personally I would be looking for a new loan, maybe a consolidation loan to lump a few debts together and have a single payment. If you obtain a new loan and pay off the existing one you can get the title in your name and only have your new loan to worry about.
It seems you are stuck with the car if you owe more than it is worth, unless you are willing to take the loss.
Do you have decent income? Personally I would be looking for a new loan, maybe a consolidation loan to lump a few debts together and have a single payment. If you obtain a new loan and pay off the existing one you can get the title in your name and only have your new loan to worry about.
It seems you are stuck with the car if you owe more than it is worth, unless you are willing to take the loss.
army judge
Super Moderator
Deals made as part of divorce actions are often meaningless.
Here is what matters.
If you want off of those loans, a BK is the ONLY way to make that happen WITHOUT his involvement or consent.
Refinancing a loan with a long repayment term at an excessive interest rate is worse than obtaining such a loan, especially with an aging vehicle.
How is the car you possess titled?
I don't need to know what your divorce decree says.
It doesn't matter in regard to the solutions I might be able to reveal to you.
How is the car you possess titled "Joe or Judy" "Joe and Judy"?
How is the car he possesses titled "Joe or Judy" "Joe and Judy"?
Is the car he possesses titled in Florida, too?
Are you on one, both, or none of the loans?
If you are on a loan(s), which one (the car you possess) or (the car he possesses or (both)?
Stay with me, and answer my questions, because you MIGHT have options to get out from under his schemes......
PS: If you utilize BK, he can't sue you and prevail. No one can sue you and prevail, as long as you do the BK correctly.
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