Auto Loan

[Rhisiart]

My ex and I bought an automobile while we were committed. We currently owe $26,000 on the vehicle which was $24,000 new (poor trade in). Regardless, the dealer needs $12,000+ to come back the vehicle. The ex prefer to maintain it, but he needs $5000 from me to defend myself against this monetary responsibility. Does this make any sense???

[Coll]

So it would cost you $6,000.00( your half) to turn in or it will cost you $5,000.00 to have your ex assume - as long as there will be no issues as to his payment of this joint obligation- what's the question?

[Garwin]

No, it generally does not make any sense in my experience at all.Think of one's ex and the seller as your human foes. Whichever they're preparing up isn't inside your curiosity, itis in theirs.Talk for your attorney before you offer him something or indication anything.If you get it wrong, he gets your hard earned money and the car and bank may still come after you if he does not pay.I'd recommend you look up the blue book value of the car.Whatever the seller is providing you'd possibly due better with a personal purchase and need certainly to come up with much less than 12,000 to create up the distinction about the loan.

[Benon]

This is actually the very first time you have mentioned something about "having your name removed the mortgage" and him replacing. Whatever you stated was anything concerning the seller getting the vehicle back for $12000. Possibly, that will have an adverse impact on your credit rating.As a matter-of-fact, it's not feasible to have your name "removed the loan." In case your spouse refinances and gets control the whole of the combined mortgage obligation, it's not uncommon to anticipate you to cover him for treating you of the obligation. If you do not wish to accomplish it, suggest anything else.

[jabin20]

why should I have to pay him at all to take over the car? what happens if he trades it in or sells it once the loan is up... I wont be getting a cut of that even though i helped pay for it.

[Cecillus]

He would have paid off the car of $26,000.00 if he takes over and then sells or trades in.
Not you.So then pay $6,000.00 and probably have a bad credit rating.

[Arnleif]

why does taking my name off the loan, and having him refinance wreck my credit rating? I'm in Canada... not sure if that makes a difference.

[Ximen]

"why must I have to pay for him whatsoever to dominate the vehicle?"Who mentioned you "have to" do that? The truth is that you've an automobile thatis worth $12000 significantly less than what you owe onto it. That isn't a great place to be in. There are always a quantity of feasible methods to cope with it, and spending your spouse $5000 to simply accept full responsibility undoubtedly is one practical choice (so long as the paperwork is performed correctly)."what goes on if he positions it in or offers it when the mortgage is up... I wont be obtaining a slice of this although i helped purchase it."Uh-Huh...and? If you do not like his suggestion, youare liberated to suggest anything else.

[Steward]

Are you still on name---then why not you go get the car and you push it and you provide him that if he gives you 5000 you'll pay-off the note and get him out-of it?If he does not begin to see the humor in this then you'll understand he provided you an awful crummy deal.