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How to Keep Vehicles That are In Your Name When Divorcing

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  • 10-09-2017, 09:05 AM
    djclark
    How to Keep Vehicles That are In Your Name When Divorcing
    My question involves a marriage in the state of: TEXAS
    I, the wife, took out 2 loans on 2 cars during our marriage, so we could drive Uber (my husband's previous car broke down).
    Both car loans are in my name and registered to me.
    My husband drives one of the cars and considers it his, pays the monthly payments, but it legally belongs to me.

    We are facing an annulment after 9 months of marriage and I must get that car he is driving into his name. He verbally promises to keep making the payments, but I cannot take that risk. His credit is ruined from overwhelming debt.

    How do I best resolve this issue of getting that car into his name, knowing he has no credit to borrow? If I try to sell the car, I will not get what it's worth because he got into an accident with it already.
    My credit is excellent and I'm concerned that a repo will destroy my credit, and worse, whatever the bank does NOT get from the sale will be my responsibility.
  • 10-09-2017, 09:24 AM
    adjusterjack
    Re: Divorce
    Sorry, you can sign over the title to him but it won't get you off the loan.

    The lender certainly isn't going to cut you loose and retain only a high risk borrower.

    If he defaults, the lender will come after you, knowing you have more to lose than he does, and you certainly don't want to give up the ownership while you keep the debt.

    I suggest you get the car back and sell it. Come up with cash to make up the difference and get out from under.

    Or, leave things as is and take the risk until the car is paid off. Just don't give up ownership. That would be bad for you.
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