Friday, April 18, 2014
Getting name off of car loan?
My boyfriend just opened up a checking/savings account at a different bank. When he did so, they noticed that he had a loan under his name for which he still owes almost $8000 on. Come to find out, this is a loan on his ex-wife's vehicle they purchased when they were still married, and it just so happened that the loan was with this particular bank. She is still making payments on time every month, but he does not want his name on the loan anymore. His vehicle is collateral for the loan and even though he is sure she will continue paying the payments on time, he still doesn't want to risk her not doing so. He thought this was taken care of when they got divorced as she got the vehicle and he got the house (her name is no longer on the house/mortgage). How can he go about getting his name off? He talked to her already and she said she wouldn't care if he was removed from the loan, so there isn't any issues there. He says thanks in advance!
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