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How do I get a car loan out of my name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing objective and original content. This allows users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity, and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not include the universe of companies or financial offers that may be open to you.
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2 min read Published March 03, 2015
Justin Harelik Justin Harelik Written by Justin Harelik The Bankruptcy Advisor
Justin Harelik
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Dear Bankruptcy Adviser: How do I obtain a car loan out of my name? I can’t get anyone to refinance it, and my ex-boyfriend isn’t paying. Are bankruptcy the only option? -Anna Anna Dear Anna As I earn a living by working on the bankruptcy process, I hope that you have a solution for your previous error in judgment particularly if this is your only debt. Co-signing on an loan is one of the main reasons why that people file bankruptcy. You signed the contract and you agreed to pay for it, and you’re now paying for the cost. The lender won’t take your name off the loan solely because your boyfriend and you are no longer together. As the lender does not have a say in your choices regarding relationships, it also has no input into your decision to split up. It does sign a contract with you to pay the remaining balance of this loan. Additionally, there is no incentive to let you out of the agreement until it is paid in full. You have four options at this point to pay the balance Hopefully, you can utilize the vehicle to pay the balance and are able to afford the installment. This option protects your credit rating and will eventually get you the title for the vehicle. Find someone else who will help you pay off the debt: For example, you could have a friend pay the balance and also drive the car. The car is still responsible for paying off the car, but you can find another person to help. Perhaps a friend could make an amount of the loan and you pay the difference. Check that all drivers have appropriate insurance. Don’t allow anyone to drive your vehicle without having insurance to do so. Bring the car back to the lender and it could be a repossession on your credit report. The lender will then sell the vehicle and then send you a check for the remaining balance after the sale, referred to as a deficiency balance. You will have to pay that balance. Ignore the problem It is likely that the lender will still repossess the vehicle and then pursue you for the amount due. I have heard clients say they planned to sue the other party responsible and demand that they pay. This sounds good in principle, but getting the other party to pay is extremely difficult. If you are able to figure out how to achieve this, you can start your own collection company for co-signers since that would be impressive, indeed. Best of luck! Ask the adviser a question of the Bankruptcy Advisor, go to the “Ask the Experts” page, and choose “Bankruptcy” to select the topic. Learn more columns and information about debt management.
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Written by Justin Harelik The Bankruptcy Adviser
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