Getting a divorce can be stressful, and often complicated. When you are separating from a spouse, there are many things to consider, and finances are paramount. It can seem overwhelming—but there are ways to simplify the process when it comes to your vehicles.
During your marriage, it’s likely that you and your spouse are both on the title of your car(s). Once you divide your auto assets, you need to remove the other person’s name from the loan. Without this step, the consequences can be severe. When your name is on the loan, you are equally responsible for the payments, even if the car is not in your possession. If your ex-spouse misses a payment or defaults on the loan, your credit score can take a big hit. If the car is in an accident, both parties are on the hook for the deductible payment.
To protect yourself against financial hardship, you need to retitle your auto loans to remove yourself or your former partner. This typically involves a trip to the DMV, a title transfer application, a vehicle inspection and emissions test, extensive paperwork, and a retitling fee. In the midst of a stressful separation, this process is time-consuming and frustrating.
Don’t worry—it doesn’t have to be so complicated! Refinancing your vehicle is a surprisingly fast and easy way to add or remove names from a title, with the added bonus of saving money in the process.
Doug Thomas, Founder & Managing Partner of Divorce Matters, recently joined our President & CEO, Nancy Fitzgerald on the local morning show Colorado’s Best.
When you refinance a car, a loan consultant will gather details about you, your vehicle, and your current auto loan over the phone. From there, they will complete the heavy lifting: Shopping a network of lenders to find you the lowest possible interest rate or monthly payment, submitting the application, and finalizing the paperwork. Finally, they will perfect the new title with the DMV that includes only the remaining spouse’s name.
The best part? The refinancing process is done over the phone, from the comfort of your own home. You never have to set foot in the DMV or deal with them directly. The initial phone call takes about 10 minutes, and most loans can be completed in about a week.
iLendingDIRECT is a national leader in automotive refinancing. Our extensively trained loan consultants can help you navigate this aspect of your divorce with ease. It’s 100% free to inquire and an inquiry doesn’t affect your credit score.
We service all 50 states in the U.S. With our Better Business Bureau A+ rating and hundreds of 5-star customer reviews, iLendingDIRECT is a trusted partner to customers nationwide. Our company even won the 2018 BBB Torch Award for outstanding business ethics.
Call (866) 683-5505 or fill out our form to learn how you can save time and money during your separation.
Locally, iLendingDIRECT has partnered with top-rated Colorado law firm Divorce Matters. If you live in Colorado and are looking for divorce legal advice, consider contacting our top-rated local partner, Divorce Matters. They are a compassionate team of professionals who have helped over 1,000 families across Colorado.