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stonebullet777

Ok, I'll try to make a long story short. I divorced my wife a little over a year ago and in our agreement she was to rid me of all financial responsibility of the car she kept and vice-versa. I paid of my Explorer 15 days after the divorce was finalized. My name is still on the loan of her car because "she wasn't able to get it refinanced". There are still 13 payments owed on the car on which is still financed in both our names. I've spoken with the finance company, my lawyer and my bank and they have all told me that my name cannot be just "taken off the loan" even though I have a court order stating that I'm no longer financially responsible for her car. Now with the new "Cash for Clunkers" program, I could go get a brand new, spacious, more fuel effencent car for, after dealer rebates and the $4500 trade in on my Explorer, for a grand total of $5714. My fear is that since her car note still pops on my credit report that I won't be able to get a loan on the car, even though I would only be asking to borrow $5714 on a $13,100 Nissan Versa. Now before I go wasting the time of commissioned salespeople and the finance department, does anyone know if I stand a chance of carrying 2 car notes? And if it is of any relevance, after I pay all my bills, including the new can payment if I could get it, I would have 41% of all my income (work and child support) left over each month or 31% if you include her car payment. Thanks to all of you in advance for any advice you could throw my way.

Shannon8145

with enough income and great credit you could the bank just looks a you debt to income ratio to see if you have the money for the monthly but great credit would be the best help

1939

You should be able to do it. Has she been on time with her payments in the last 12 mos? Also, when are you going to go buy this car? Sometimes if there is under 12 mos left on a loan, they won't even count it against you.

New

See it is often possible to get to two auto loan. One of my friend has 3. So, go ahead and start apply online.http://loan-guides.net

Morph

You can definitely carry 2 car loans, if you have good credit and sufficient income. My wife's car and my car are in her name and the bank never questioned it. But if you are worried about it, show the bank a court order and try to secure a loan first, this way the purchase would go way smoother.