Hi, my wife and I are splitting up after 3 years of marriage. Its mostly amicable. For some stupid reason we bought a pre-owned 2007 PT Cruiser on 12/8/07. And for an even stupider reason, I am the primary purchaser, because my credit is better. We are both on the loan but I am first. The car is for my wife. How can I get it entirely in her name when we split, which isn't actually until summer because of her school teaching. I don't want to be responsible for paying it, even if she agrees to take over payments, because she is terrible paying bills on time and will likely ruin my credit. How is this type of lien handled in divorce court? Thanks.
You would be better off to sell it. The only to get it solely into her name is to re-finance it in her name...and from you post, it sounds like she might have trouble getting financing. Good luck.
You can give her 90 days to find financing and if she does not, then sell it & get somethign she CAN afford. If she needs it to get to work she'll find a way to finance it. It might not be for the same favorable rate that you had, but this is what she gets for not being reliable on her bills. When she gets divorced, she does not get to keep your credit rating with the favorable loan terms.
You really don't want her, her credit rating, or her driving record to be associated with yours after the divorce is final, so make certain she re-finances, you sell her the car, and it's over.
NOW, you CAN decide to give her a loan of your own in order to make it possible for her to finance the car... or take other property in exchange for your help in paying off the loan so she can re-finance a lower amount, but really, don't let her keep it if your name is still on it or the loan.
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