What can you tell me about auto loans and divorce?

Answer by  Rose (6804)

Your divorce decree should indicate who is responsible for what loans. After you have the divorce decree you can send a copy to the financial institution that holds the loan.

Answer by  John (9008)

You are both responsible for the loan, and the lender can come after either of you for payment. Commonly, the divorce court judge orders one party to pay the debt.

Answer by  Melissa101010 (4405)

Usually in the divorce the judge will ask if you are deciding who will keep the vehicle. Whoever has posession of the vehicle usually pays for it unless the judge orders him to keep paying for it. It is usually up to the woman and most of the time they will try to get you to compromise.

Answer by  tamarawilhite (17883)

If both names are on the loan, both individuals are liable for the debt. The fairest resolution will be that each individual takes a vehicle. If there is only one car, sell the car and pay off the debt, with the person who needs a car to buy their own.

Answer by  darcyn77 (321)

You will both be held responsible. Be sure to put the loan in your paperwork, then the loan will be taken over by whomever the divorce dictates.