My ex and I got divorced back in March 2008. In the divorce decree it states that the car we bought together would now be his and that he’d be responsible for the remaining balance on the loan. My question is, how do we get my name of the loan and/or title of the car? Do we need to contact the company the loan is through AND the DMV? Or just one or the other?
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{ 2 comments… read them below or add one }
My guess would be that if the finance company holds the title, they need a copy of the divorce papers to prove who is now liable for repayment and who is not. I would think that a new loan should be drawn up to pay off the old one. DMV should also be informed. A new title should be issued with the new owner’s name. They may require signatures of both parties to do the transfer to a new title with one owner.
I am only guessing. Every state may not be the same so if you don’t say what state you are in, you may not get an accurate answer. You should contact the financial institution and/or DMV. I’m sure they have seen this situation over and over, again and again and would have the answers for you.
the loan. you are still on the loan.
call them or refinance.