Legal Question in Credit and Debt Law in Alabama
I need to relinquish all my rights to a truck financed to me and co financed with my husband.He has total control of the truck. He needs the truck but has poor credit. Can he still refinance in his name?
Asked on 6/15/10, 9:21 am
1 Answer from Attorneys
James Coleman
Murchison & Howard, LLC
You might relinquish your rights to the truck, but you are on the hook for the debt until it is paid. He can refinance, but the creditor who loaned money to the two of you will have to be paid off. You can't just walk away from the debt unless the first creditor is paid. It does not matter that he has total control of the truck.
Answered on 6/17/10, 5:37 am
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