What happens if your ex forgets to pay your car loan?
What happens if your ex forgets to pay your car loan?
Most guys in your position would worry that she will “forget” to make the car payment, or will not pay off the loan in time, or will wait to the last minute to do either and let your credit score take a hit in the meantime (out of spite or sheer enjoyment or otherwise).
What should I do if I can’t afford my car payments?
Do Not Sell My Personal Information If you can’t afford your car payments, you can give the car back to your car loan lender. But think carefully before you do this — you might still owe the lender money. Carefully weigh your options, and the pros and cons of each, before you take action.
What happens if I cant make my car loan payments?
However you also have no rights to end the agreement and hand the car back early. Once you’ve taken out a car loan you have to pay the full amount back. When you lease or hire a car, it remains the property of the finance company. You pay a monthly amount for a fixed period and hand the car at the end.
What should I do if my ex can’t refinance my car?
If you prefer that your soon-to-be-ex keep the vehicle but you still want to be sure she pays for it, then you should pay for it. You could make the payments outright, as a monthly property settlement payment that is non-taxable income to her (and not deductible for tax purposes to you) or as alimony (that is taxable to her and deductible to you).
What to do if you have a car loan with an ex?
Your options when you’re stuck on a loan with an ex: Refinance the loan. Sell the car. Trade in the car. Keep the car, make the payments, and pay it off. Let the bank repossess the car. File bankruptcy.
What happens if my husband fails to pay my car loan?
In other words, the auto lender can sue you for failing to pay off the car loan even if the court ruled that your spouse was responsible for the entire debt. It is typically a good idea to refinance the vehicle so it is no longer in your name.
Do Not Sell My Personal Information If you can’t afford your car payments, you can give the car back to your car loan lender. But think carefully before you do this — you might still owe the lender money. Carefully weigh your options, and the pros and cons of each, before you take action.
How to pay off a car loan in a divorce?
Both you and your spouse can take money—either saved separately or acquired through the selling of marital assets like a home—and pay off the loan. For example, let’s say that the loan amount remaining is $10,000. You and your spouse pay the money to clear the loan and then agree to sell the car for its blue book value, dividing the proceeds.