Divorce carries with it a lot of hard decisions, and can wreak havoc on your finances. At iLendingDIRECT, we want to help you experience a little less financial chaos during this time. One of the toughest areas of negotiations can be the division of marital assets. If both parties are on the auto loan or lease, both are responsible for the payments, no matter who has the vehicle in their possession. If you separate and are living in different locations, that has no bearing on the burden of responsibility, either. If one party misses a loan payment, both are affected. This could be bad news for your credit score, and is not a happy situation to find yourself in if you can help it.
If both names are still on the paperwork and the vehicle becomes damaged or totaled in an accident, both people are still held responsible for paying the deductible. Bottom line? If your name is on the vehicle title, you are equally responsible for that vehicle and anything associated with it, including taxes and registration fees. This is why iLendingDIRECT recommends that our customers refinance any vehicles they possess during the divorce process, and make sure that the name on the loan is that of the person who will maintain possession of that vehicle after the divorce is final.
A verbal agreement is simply not enough to protect you in these circumstances. By talking with an iLendingDIRECT loan professional, you can protect your credit and your vehicle. If there are two vehicles involved, each party can refinance the one they will be keeping, and become solely responsible for that vehicle. Our refinance process is simple and convenient. There is no need to spend the day at the DMV standing in line and sorting through paperwork. iLendingDIRECT can handle all of the details for you, including switching the vehicle title over to your name, and correcting the registration.
In addition to the peace of mind you will gain once this task is completed, we may be able to save you money, as well. Like 95% of our customers, it is possible that your loan payment can be reduced, and even possible that you may be able to skip a payment, freeing up some much-needed cash during a difficult time. We save our customers an average of $112 per month, and $5,000 in interest over the life of the average loan.