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How do you transfer car loans during a divorce in Colorado?
My future ex-spouse wants to keep the Jeep that we bought during our marriage, and we've agreed to this, but my name is still on the loan. How do I ensure that I'm not responsible for loan payments after our divorce?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Typically, the only way to get your name off the loan is if your spouse refinances it in his name alone.
If he can’t qualify for a loan on his own or refuses to refinance, you might have to ask your lawyer about options.
From the bank’s perspective, you’re both still on the hook for the loan payments if your name is on the documents.
As soon as your spouse refinances, make sure to change your insurance policy so you are not financially responsible for any potential damages with the vehicle in the future. If you want help finding the best rates, try using the free
Jerry
app. Jerry compares rates from the top 50 companies and delivers the best deals to your phone in minutes. We even do all the paperwork for you, such as transferring your information to your new provider and cancelling your old policy for you.”View full answer
- Gregory R.
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