Can a spouse be responsible for a car loan?

Can a spouse be responsible for a car loan?

But with car loans, the partner with the better credit score could apply individually. Once approved, the other partner can pay his or her share. The only danger is if only your name appears on the documents, your spouse could drive away and you alone would be liable for repaying the loan.

What happens to the credit card debt of a deceased spouse?

If there is a joint account holder on a credit card, the joint account holder owes the debt. In community property states, the surviving spouse may be required to use community property to pay debts of a deceased spouse.

What should I do about my wife’s credit card debt?

If you really want to leave nothing to chance, work out a prenuptial agreement that keeps your income and debts separate. If you live in a community property state, that won’t necessarily protect you against the debts your spouse brings to the marriage, but it will shield you against the debts he or she runs up after the agreement is signed.

What happens if you have more than one chase card?

The rule applies to personal and business cards. If you have 1 business card and 4 personal cards, Chase will not approve you for any other Chase cards. They’re want to avoid those applicants who are only collecting bonuses. The last gotcha is that if you are an authorized user on a Chase card that card counts towards the five.

What happens to a deceased spouses credit card debt?

Check with a local attorney if you’re faced with paying a deceased spouse’s bills. Even in community property states, there are opportunities to have some debts wiped out. In some cases, relatives and friends are required to pay off debts for a borrower who has died. It is often the case when multiple borrowers are on an account.

Who is responsible for paying off a car loan if a spouse dies?

However, if they are not co-signers on the note, surviving spouses, in general, relatives, and other beneficiaries will not be responsible for paying any debts. There are exceptions, however, based on state law that may require a surviving spouse to satisfy some or all of the remaining debt.

What happens if I pay off my Chase loan early?

The APR for My Chase Loan is typically lower than the standard APR your card charges for unpaid balances. You can continue to use your credit card to make charges. No penalties for paying off your loan early.

What’s the difference between a personal loan and a chase loan?

My Chase Loan is not a cash advance, even though you’re borrowing against your card’s credit limit. It’s more like a personal loan, in that you pay the money back over a set period of time, and you’re charged a fixed interest rate. The approval process is much simpler, though — there’s no application or credit check needed.