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  #1  
Old 02-09-2013, 04:39 PM
126 Guy
 
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Exclamation Need legal advice regarding a vehicle titled with 2 people as the owners

I am seeking some mild legal advice from anyone that is in the field.

A very good friend of mine is in a situation.

She and her ex cosigned a vehicle several years ago. She has been paying for the vehicle since day one of the loan. The loan has about 2 or 3 years left. Her ex is now in jail and she would like his name removed from the loan and the title. He is not expected to get out of prison for at least 5 or 6 years.

What need to be done to get his name off the loan and the title? Is this an easy process or will she have to hire a lawyer for this type of situation

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  #2  
Old 02-09-2013, 04:52 PM
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Can't he just sign over his interest in the vehicle to her?
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  #3  
Old 02-09-2013, 05:01 PM
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Call the loan company.
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  #4  
Old 02-09-2013, 05:34 PM
t walgamuth's Avatar
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the loan company will have to give their permission I believe. He can sign the title over to her but it will not relieve his obligation to the loan company, I doubt. But with him in jail they may release him from it.

Or they may ask her to refinance with an all new loan.
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  #5  
Old 02-09-2013, 05:40 PM
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Most likely they'll have her refi in her name only. Best yet, have her go to her local credit union, if she's a member of it, and see if they'll loan her the money.
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  #6  
Old 02-09-2013, 09:43 PM
126 Guy
 
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Thanks I will tell her to call the loan company and consult with them. I told her to consult with a lawyer but she is too stubborn to.
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  #7  
Old 02-10-2013, 04:59 AM
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See if the the title says "and" or "or" between the 2 names.
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  #8  
Old 02-10-2013, 07:26 AM
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99.99999999 % Sure

Commercial Lenders (A.K.A. "Banksters") will release a co-signer ONLY upon
receipt of the FINAL payment.
Death,War,Alien Abduction,Etc. do not even begin to absolve the signer.

X2 on the Credit Union Re-Writing the loan for her!

Doing business with Commercial Banks is SOOO difficult !
Plus,You're Nervous about bending over the desk to sign any papers !
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  #9  
Old 02-10-2013, 08:49 AM
Inna-propriate-da-vida
 
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Quote:
Originally Posted by Gilly View Post
See if the the title says "and" or "or" between the 2 names.
Always use 'or' with a spouse.
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  #10  
Old 02-10-2013, 11:43 AM
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Quote:
Originally Posted by cmbdiesel View Post
Always use 'or' with a spouse.
can't do that no more here in iowa.i just tried it.it's either my name only,her nae only or it's "and"
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  #11  
Old 02-10-2013, 02:43 PM
Inna-propriate-da-vida
 
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Quote:
Originally Posted by catmandoo62 View Post
can't do that no more here in iowa.i just tried it.it's either my name only,her nae only or it's "and"
that blows...
at least you will have company when you go to DMV.
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  #12  
Old 02-10-2013, 04:45 PM
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The "and" or "or" varies state to state, in WI you can do whichever you like, and as you might suspect it does make a difference when time to get rid of the car, as far as if one or both have to sign.
Gilly
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  #13  
Old 02-10-2013, 06:06 PM
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So, at this point, does she have a title in hand? Usually, the owner doesn't get t title until the loan is paid off. Unless that's a state by state thing.
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  #14  
Old 02-10-2013, 06:39 PM
Pooka
 
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Without a Credit Union or Bank to advise her she is just wandering in the dark.

In Oklahoma this is taken care of with a stroke of a pen. In Texas it means writing a new loan, transfer of title and payment of sales tax as if it is a sale.

The good news for her is that CU or Bankers see this everyday, so it is really no big deal. It is just a process.
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  #15  
Old 02-11-2013, 09:28 AM
JB3 JB3 is offline
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Quote:
Originally Posted by cmbdiesel View Post
Always use 'or' with a spouse.

I learned to my great displeasure that its always best to have one name on a title.
Typically, unless otherwise specifically willed to someone, something like a car will automatically got to the next of kin anyway, the surviving wife or husband or family members, so there is no need to put in a redundant clause on the title forcing two people to have their names on it, ect.

Just like this woman, having two names on something turns around to bite you in the a$$. I had a transfer on death clause to an angry ex on my 83 300D years back. Was the easiest thing in the world to add at the time, wasnt really thinking, just said sure, and gave them her name when I registered the car.
Things fell apart, she stayed in the midwest, I moved east, when it came to register my car in NY, I couldn't do it without her permission since NY decided they didn't recognize what a transfer on death clause meant, they just saw two names on the title.

Long story short, according to NY, I had to sell the car to myself with her consent.

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