Legal Question in Real Estate Law in Ohio
car loan
my question is my daughter sighned a loan with her boyfriend for a new car just a little over a month ago.they are having problems with their relationship how could the car be divided if they split what could be done???????????????? thank you
1 Answer from Attorneys
Re: car loan
Without having read the specific terms of the loan agreement, I can't accurately answer this question. However, generally speaking, a couple ways to go about it are they could sell the car, pay off the loan, and split the remaining monies, if any. Another possibility is the loan can be transferred into one name (boyfriend or daughter) only if the lender will allow that to occur. Maybe transfer to daughter and you become the co-signor? Again, she'd have to check with the lender to see if this is possible based on the loan agreement.
Right now, since I assume they are co-signers on a loan, they are both liable if any default occurs on payment of the loan.