Move car loan to someone else

peter39uk

Hi,

My wife is leaving me and at the moment I am paying for our 2 cars via loans. Her car has more finance left and longer but she says she will pay it off once she gets money from the split (I am wanting to buy her out with a remortgage).

I am thinking as I am still paying for the car this might go against me getting a remortgage. I have credit cards and my car loan also.

Can I move the loan I am paying for her car into her name so it's something less against my credit rating?

Cheers,
Peter

CLAPTON

No you can't 'move' a loan but she can of course get a loan herself and give you the money and you use it to settle the car loan

peter39uk

thanks for the reply.

as i said the way she is talking she will pay it off but only after she gets money from the house. she is not helping me much but she will need to start, but i can't see it.

thanks again

Apples2

She won't pay, they never do.

All sounding amicable now but once she has the cash, there will be nothing coming to you, she will keep the car and the money, leaving you with the debt (Been there and got the T-Shirt)

Can you try to get something legal so the money gets divided up before either of you receive it.

Either that or try every trick in the book to try to get her to take out her own loan.

peter39uk

hi,

It is in writing from both our solicitors that she is willing to pay for her car once we split the profits of the house. I am just worried I won't get the remortgage I am after if this debt is still in my name, along with my other loan and cards. I have mentioned to her to take a loan out in her name and pay me first then she just needs to pay her loan from her profits but she is not willing to do that, I knew she wouldn't.

I want to stay in my present house mainly for our son and keep telling her this but she is mainly thinking about herself and it's really getting to me. I want it to be as easy as possible but like you say once money is invloved people change!

thanks,

Rob71

Hi Peter,

Her being paid is dependent upon you getting the mortgage.

I'm guessing her half (or whatever) is not enough to settle the car finance so a loan is still required?

Is this car finance or just an unsecured loan?

Getting the mortgage has to be your first priority: all of the usual stuff applies like can you afford the higher repayments, can you adjust the term to bring down the repayments, are you getting a good deal because your new LTV is under 60% of the value of the house etc.

Your ability to get a decent deal is all down to your salary, the new repayments and your house value. If you have shedloads of credit this might go against you, but the best way to sort this out is to speak to someone in your bank (or wherever you're trying to remortgage) and explain your situation.

If you can't get a decent deal in your sole name, then realistically this isn't going to work (sorry to be all doom-n-gloom) - something has to give, maybe the house or one of the two cars.

If you can get the deal, then great - you're in a better position to dictate terms. Instead of leaving it to chance, why not offer to clear the car loan with "her half"?

Probably the best thing to do is to head over to the mortgage forum and put in some specifics about your finances - like value of house and amount you need to borrow against it - and see if one of the helpful people on there can offer some pointers.

I don't see how she can !!!!! about keeping the car when technically neither you nor her actually own it at present (the finance company does) - if she wants to keep it she'll need to arrange finance or she will lose it since you have it in writing that it will no longer be your responsibility.

Cheers,
Rob

peter39uk

thanks Rob,

It's an unsecured loan.

If I get a remortgage then she will get half the equity which is much more than what is left on the car loan. she wants to pay off the loan in full then leave her enough to buy new furniture, she says I can keep what's in house, nice of her as I paid for most of it which is why my credit cards are as high, my own fault though I was too nice and look where it got me!

She also wants enough for a decent deposit for her new place and I want her to get a decent place as my son will be staying there also with her!

I think she might be coming round to the idea she might not get half the equity or she will have to help me debt down or pay the car/s off before I apply for a mortgage but only time will tell.

I was just wanting to find out if all my loans went against me in applying for a remortgage or will they take into account she is going to pay some of it off once she gets her money?

I have posted on the mortgage area and getting some good help there also. I am seeing a broker next week so hopefully they can advise and help me as well.

cheers,