Q: Primary on car loan with wife, seeking advice on refinancing or transferring financial responsibility.
I'm the primary borrower on a car loan shared with my wife. Although we've verbally agreed she would help with partial payments, she's not been able to contribute, and I'm currently making all payments. She says that she needs more time, but I'm worried about repossession and damage to my credit if I stop paying. Ideally, I'd like her to refinance the car in her name. How can I proceed with this situation to avoid repossession while ensuring that the financial responsibility is transferred?
A: You can continue paying the car loan or you can get her to agree to refinance in her name and get you off the note. If that fails, sell the car and pay off the car note with the sale proceeds.
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