# Refinancing vehicle??



## trappedparadise (Jul 26, 2012)

I have no idea what I'm doing. I finally filed for divorce from STBXH this past Thursday, I'm doing the divorce myself, since I couldn't afford a lawyer and it's uncontested, he's pretty much agreeing to whatever. The only thing I'm confused about is that the vehicle that I'm keeping from our marriage needs to be refinanced into my name. But as of January 1st, the vehicle is now 8 years old, and I was just told that we can only refinance if it's 7 years old or newer. So, what am I supposed to do?? We owe double what it's worth because our interest rate is so high since STBXH's credit is terrible. I can't afford the car payments on it now. And either way the paperwork says it needs to be refinanced into my name, but if no place will refinance how the heck am I supposed to do that?! I'm so lost and confused, if anyone has dealt with this could you please lead me in the right direction?! Thanks.


----------



## Homemaker_Numero_Uno (Jan 18, 2011)

You can have the existing loan converted to your name only with the legal paperwork. It doesn't have to be a refinance, but they might ask you to qualify. If you don't qualify and you can't afford the loan, just turn the vehicle in and deal with whatever consequences come along. Eventually, you might have to make good the amount between what they can sell the vehicle for and the amount on the loan. Hopefully you're mobile so you can move to a place where you can use public transport, walk, or ride a bike to work. Living without a car and just using Zipcar or a rental car when absolutely necessary will put you ahead of the game, financially, as well as living very small (i.e. studio apartment.) If you are able to downsize substantially, and increase your paid work, you might be able to afford the car enough to get ahead on payments, and then trade it down. Fortunately I was ahead in payments on my car and it was only a year old, so I was able to trade it down when I realized it would be ridiculous to afford it even if I could. Maybe serendipity will step in and the darn thing will be stolen, flooded, or crushed by a tree. But don't wait for fate, just go and have a talk with the creditor about the paperwork and options. Are you getting a tax return? That might prove helpful.


----------



## Pbartender (Dec 6, 2012)

trappedparadise said:


> I have no idea what I'm doing. I finally filed for divorce from STBXH this past Thursday, I'm doing the divorce myself, since I couldn't afford a lawyer and it's uncontested, he's pretty much agreeing to whatever. The only thing I'm confused about is that the vehicle that I'm keeping from our marriage needs to be refinanced into my name. But as of January 1st, the vehicle is now 8 years old, and I was just told that we can only refinance if it's 7 years old or newer. So, what am I supposed to do?? We owe double what it's worth because our interest rate is so high since STBXH's credit is terrible. I can't afford the car payments on it now. And either way the paperwork says it needs to be refinanced into my name, but if no place will refinance how the heck am I supposed to do that?! I'm so lost and confused, if anyone has dealt with this could you please lead me in the right direction?! Thanks.


Who did you talk to before? The people who own your loan? Instead, go to your bank, and explain the situation to them.

If it's possible, they should be able to help you get a new loan in your name only and probably with a far better rate. Don't worry about "refinancing"... You can simply get a new loan for the amount of the old loan, then use it to pay off the old loan.


Pb.


----------

