My ex husband and I have a shared auto loan, he wants off of the loan but my credit isn't good enough to re-finance myself and there is no one else I know that can co-sign for me. What can he do to legally get himself off of the loan without my consent?
How does someone legally remove themselves from a shared auto finance loan?
He can't. The loan company loaned money to the both of you. The more people on the loan, the more people they can go after should there be a default. They like it that way. You need to refinance the loan if you want anybody off the loan. If you can't afford the loan, maybe you should think about selling the car. Or keep things they way they are and if you default they go after both of you.
Reply:You would have to buy the vehicle from him, so to speak, and have the credit union or bank re-write the loan. It can be done and has been done but it's not easy. If the bank believes you to be a credit risk alone without the husband/ex-husband because of totlal income change and checks your solo credit ratings, they could deny you.
Reply:He can't. The only option from the details you give, is to sell the vehicle, pay off the outstanding debt, and start over.
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