NSW Car loan

[pece]

Hi, I am divorced but I have a property settlement to do on a car loan. The loan is on my ex wife and was gifted to me( registered on my name)and I am the one doing the repayments from day one. I have sent her a property settlement agreement and to give me a pay out letter for the car. But she hasn't responded. So I stopped the repayments now.
My question is, if I continue with the repayments at the end once finalized, is my ex wife who's name is on the car loan will be entitled for the car or I will. I want to keep the car.
Was hoping if you could help or suggest what are my options? I don't want to refinance as the interest rates are quite high haha.
Thank you

 

[Tim W]

How long have you not been paying?

And, what is stopping you from just paying out the loan directly, yourself ?
Even if the loan is in her name, the lender will still take your money.

 

[pece]

How long have you not been paying?

And, what is stopping you from just paying out the loan directly, yourself ?
Even if the loan is in her name, the lender will still take your money.

I stopped with payments last week. I was paying it from account until now yes. Im just concerned once the loan been paid in full, my ex wife will come after the car and take it off me. As the loan says under her name. Is that true?

 

[Tim W]

I'm sure she will try.

But in the end, even if she's the borrower,
if it's your money that has paid for it, and
the car has always been registered in your name,
then she may be less likely to succeed with any claim of that kind.

In the meantime, if you possibly can,
get that debt paid, and out of your life.
And out of the asset pool.

-> (and I don't get how it could be a gift to you, if it's your money paying for it)

 

[pece]

I'm sure she will try.

But in the end, even if she's the borrower,
if it's your money that has paid for it, and
the car has always been registered in your name,
then she may be less likely to succeed with any claim of that kind.

In the meantime, if you possibly can,
get that debt paid, and out of your life.
And out of the asset pool.

-> (and I don't get how it could be a gift to you, if it's your money paying for it)

Yeah, it's a tricky situation. Back when I was a student I wasn't able to get a car loan. So she's was an Australian resident and took the loan under her name and we went to the service center to register the car under my name, we told them to put it under a gift. So I was paying for all of the car related expenses from day 1.

 

[lostinspace]

Can I ask why the emphasis of getting the loan out of the pool ?

if they are in the settlement period and not complete, if he uses own money and removes the debt, and say the other party does have a legit claim, does this not mean effectively a donation of 50% assuming it was a case where a decision is likely for 50% split of assets ?

 

[lostinspace]

Yeah, it's a tricky situation. Back when I was a student I wasn't able to get a car loan. So she's was an Australian resident and took the loan under her name and we went to the service center to register the car under my name, we told them to put it under a gift. So I was paying for all of the car related expenses from day 1.

names do not mean much, the paper trail will mean a lot...... the name is so they know who the regular operator is & where to collect revenue

 

[lostinspace]

PS not paying will just mean someone will take the car and the borrower may get a default or bad mark, but ultimately may just complicate things, perhaps you have to decide if it is really worthwhile fighting over.

 

[tim3272]

I was also in such a situation, needing extra cash for a big payment while things were all over the place. If the loan's in your ex-wife's name, she's legally on the hook for it. But if you're paying and the car's in your name, you can keep it.

I needed quick cash once and used a personal loan app. It's suitable for folks with not-so-great credit. The process was fast, just a few minutes online, way quicker than a bank. If you need a quick loan, here's the link: ‎Payday Loans - Bad Credit App.

 

[lostinspace]

You have to wonder what the used car is worth, if it is a basic car, perhaps would be easier to just give it to the party who is greedy and get your own with no strings attached. Or, as said, just pay it out and let the other side waste time and money trying to make a claim over what is probably a small dollar item, if it is all there is......