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Can I take an auto loan consolidation and get two separate loans?
I currently have an auto consolidation loan, but I'm splitting with my wife. She wants to take over the loan for her car. Can I reverse an auto consolidation loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your separation from your wife. Hopefully, it’s for the best.
Regarding your auto consolidation loan, unfortunately, reversing this loan is virtually impossible. Most lenders will not allow you to reverse it back into two
car loans
, so you will have to work out this issue with your spouse directly.Splitting the payment down the middle or having her pay her half to you each month are the most feasible options. Hopefully, you’re cordial enough to make this work. If not, you may need to enlist the help of an attorney to sort out your shared debt and finances.
If you need some extra cash to make the split easier on you financially, use the
Jerry
app. Compare quotes from up to 50 insurers in just minutes to save money on the full coverage auto insurance required by your lender.View full answer
- Gregory R.
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