What does subject to the lien thereon mean. My wife got the car and is to be responsible for the payments but the loan is still in my name and on my credit?
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.It appears that you have co signed for the loan or actually you are the main one on the loan and that you can be held responsible for the payments if she does not make them. The loan can be placed on your credit report even if you are a co signer. I assume that you have transferred the title to her and the transfer is subject to the lien from the finance company. In order for her to be fully responsible, she would have to finance the car in her own name.
What does "subject to the lien from the finance company" mean? I thought that she had to get a new loan or remove me from the original one in order to take me off the title.
That means that the title is subject to the loan from the finance company. Evidentially you signed paperwork so she could take you off the title to the vehicle but you are still responsible for the loan. I thought that she had to get a new loan or remove me from the original one in order to take me off the title. Not if you signed paperwork allowing her to take you off the title. It appears that you signed the title over to her without first requiring that she refinance.
no in our state, you can have S or J on the title and that way they can change titles etc without your permission.
Same thing, you signed paperwork allowing her to change it into her name. You can file for a divorce or separation and have the marital estate including the vehicle distributed out to each party. A positive rating is always appreciated.
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