how to transfer car finanace

dipsy

Hi wondered if anyone can help

a friend of mine has a car loan with her husband who has walked out on her and has the car, how can she go about getting her name off the loan, as with his past history he is likely to default and if her name is still on it they will chase her and she being a single mum with 3 kids will not be able to pay and will not have the car.

I have suggested she write to the finance company and inform them that her husband has left and has the car and ask they take her name off the loan and put it in his name only.

Will they allow this, what is the best way forward?

I also advised her to get her up to date credit report (for free of course ) and find out what if any other items are associated with her with or without her knowledge.

many thanks in advance.

ILW

If it is a joint agreement they will chase your friend for the money. She will not be able to just walk away from it.

dipsy

and is there is no way he can sign to say he will take on the loan in his own name?

basically if he has the car and defaults on the loan whilst it is in both their names she will not be able to afford it as money will be tight as it is.

I think that she will need to get the loan paid off as part of the financial setttlement in the divorce, ie get him to give her the money so she can clear the loan, she really cannot afford for this to rear its head some years down the line

PNPSUKNET

If he passes the normal credit checks it will be possible, but if it fails they wont take it off.

dipsy

thanks I thought that might be the case, doubt he will pass just come off an IVA

I think the best thing maybe that she insists on selling the car and clearing as much of the loan as she can with the sale because I know he will default as sure as night follows day and then she will end up with a black mark against her and a hefty bill to pay.