If I am the main buyer on a vehicle what are my options in this situation?

Question

Me and my significant other bought a truck a year ago. I had to be the main buyer because my credit score was a little better and the other person co-signed. We broke up a couple months later and she has consistently paid the payment and she drives the truck however, I am now tied to this vehicle for the next 5 years. I was just wondering what my options are if any to get out of this situation. I DO NOT want the vehicle because the payments are too steep for me but I hate my name being on the truck because I think it may hinder me from getting a vehicle. Please give me some suggestions and no smartass comments please!

Answer 1

Regardless of what the break up terms were I think its in your best interest in the long run to have the ownership switched over to your ex. May be her credit has improved by now so she can apply for a loan and buy off the truck from you? Talk to the dealer or your lender and see what your alternatives are. Also talk with your ex and see about having her name on the truck. 5 years is a long time and even with the best of intentions, something may happen that might make her paying for the truck impossible, and then it will all fall on you.  

Answer 2

Talk to your ex and see if they can refinance.

Answer 3

my sister had a similar situation if you truely belive she will pay and your relationship is not bitter you can let her contuine to pay off the car but if there are worriies you might need to go to the dealership and see if she can be put on as the primariy my sister got the car loan put in her name and it didnt take that much time either

Answer 4

If you are on friendly terms with your ex you can ask her to take a new loan out & pay off the old loan & you'll then sign title over to her.

To encourage her, you can explain that she can't sell it or trade it in without you're signature ( unless she wants to risk forgery charges). If you move out of state or croak, she'll have to hire a lawyer to sell the truck.

GL  

P.S. As long as your name is on the title you may be liable to be sued if the truck is involved in an accident.