advice on divorce.

[99Saturn]

Just found this:
Who Holds the Title When There’s a Lien on a Vehicle?

Looks like this was circa 2009.

It's funny because when I was searching for the Cobalt we bought, I ran into someone that said she still owed money on the car I was looking at ('06 Ion). Then as I looked she mentioned, oh I can't find the title. At the time it sounded strange, set off alarms in my head since I've always gotten a title and never had to deal with one that still had financing, but would expect to see the title and the notation of the Lien.

Needless to say I got an education from PennDot when I started to investigate.

 

[rjundi]

Originally Posted By: ram_man
Anyone have any advice on getting my name off her car. We owe 3000 on it I have the title. But is there a way to get myself off the title?


You both need to get a loan in her name only that buys out your existing cosigned loan or pay it outright. If she cannot afford a new loan, bear the payments and enjoy until a judge signs an order.

 

[The_Jeff]

Some states do "Memo titles" to give the registration holder something explaining, at least, who owns the car.

Used car dealers, banks etc have a book explaining the whole shebang.

here: http://www.maine.gov/sos/bmv/DealerAgent/Dealer Training Manual 3-2010.pdf

 

[Clevy]

Originally Posted By: pottymouth
Originally Posted By: stockrex
no some lenders give you the title back with the lean part stating that xyz bank hold the lean.


Never heard of such a thing. How does the lender release the lein? Do you have to send the title to them and then they mail it back to you?



Originally Posted By: ram_man
I thought we could just go to bank and get it notarizes that we signed it and put it in just her name.


Best bet would be to contact the lender and explain the situation. If you are both on the loan, I can't see any advantage for the lender to release you. It is more risk for them. What is your wife's credit like?

It might be easiest to just pay the car off and deduct the money from whatever settlement she receives in the divorce.



I've never not had the ownership when I've financed a vehicle.
Here I own the vehicle but the lender has a lien against it. When/if I sold the vehicle and there was still monies owed I have to declare that on the bill of sale.

 

[rjundi]

Originally Posted By: eljefino
Some states do "Memo titles" to give the registration holder something explaining, at least, who owns the car.

Used car dealers, banks etc have a book explaining the whole shebang.

here: http://www.maine.gov/sos/bmv/DealerAgent/Dealer Training Manual 3-2010.pdf


Having the name on or off title is one thing. However he holds the bag on the loan note which is far different. The title belongs to bank not the OP and likely former wife.

 

[Vikas]

I have heard the term "clean title in hand" way too often; doesn't that imply there no lien-holder on the title?

 

[Hokiefyd]

Originally Posted By: Vikas
I have heard the term "clean title in hand" way too often; doesn't that imply there no lien-holder on the title?


Yes, if someone says "clean title" or "clear title", that generally means that they have the title or document that states that there are no lien-holders and that they have the authority and ability to sell the item.