property/debt question

[landslide]

What is the name of your state? delaware

hi, all. brief background: uncontested divorce, no children, no debts. except one--an automobile loan. i'm thinking of filing a motion to ask the court to retain jurisdiction regarding ancillary matters (debt division) for the one debt. my question is this: a) can i 'force' him to re-finance the automobile in his name only? and b) if the courts even agree to this, will it be upheld by the creditor?

thanx!

 

[LdiJ]

What is the name of your state? delaware

hi, all. brief background: uncontested divorce, no children, no debts. except one--an automobile loan. i'm thinking of filing a motion to ask the court to retain jurisdiction regarding ancillary matters (debt division) for the one debt. my question is this: a) can i 'force' him to re-finance the automobile in his name only? and b) if the courts even agree to this, will it be upheld by the creditor?

thanx!

Yes, a court could order him to refinance. Yes, the creditor would have to accept it. That doesn't mean that the existing creditor must refinance the loan, but the creditor can't refuse to accept the payoff if he refinances it with someone else.

Of course, that is assuming that he would qualify for the loan.

 

[landslide]

delaware

thanx for the quick response. which leads me to the next question.

assuming he couldn't refinance on his own, would i be back to square one (with the vehicle tieing up my credit on paper)? or would he have a certain time criteria to meet and, if unsuccessful with a refinance, lose the vehicle?

thanx again!

 

[LdiJ]

delaware

thanx for the quick response. which leads me to the next question.

assuming he couldn't refinance on his own, would i be back to square one (with the vehicle tieing up my credit on paper)? or would he have a certain time criteria to meet and, if unsuccessful with a refinance, lose the vehicle?

thanx again!

If he can't refinance on his own then it would probably be better if you kept the vehicle since you are going to be responsible in the end, and you probably COULD refinance in your own name.

However, yes, its possible to get an order set up so that he has a certain amount of time to refinance the car, or else it goes to you. The problem with doing it that way is that if he doesn't pay the payments you won't necessarily know that until the car is repo'd....and then its too late to save your credit.

 

[minerzlegal]

Rather than telling you my story and what happened. Keep the car, and forget him refinancing it. You will know the payments are being made, it will make for less headache when he can't get financeing, and less paperwork when they repo the car and want to hold you responsible for the balance owed. Also the more you have holding you together after the divorce the harder it is to begin a new relationship. Been there done that. Have a good day.