Tips on Buying Cars: getting my name off of a used car loan, credit counseling service, favorite radio station


Question
My ex and I purchased a used 02 Tundra this summer for his use.  Well after 21 years, we broke up last month (never married, 3 kids).  He took the truck which is fine with me, but I don't want to be responsible for the debt and for now he's giving me the $ to make the car note and insurance each month.  The problem is that I do not know how long this will last.  He's not paying for other debt that we accumulated together and when I ask him to help me with it, he threatens to quit his job and then I'll never get anything from him.  We also have his second vehicle that is paid off, but I'm still paying insurance for it because he left it on my driveway (for now). Same thing, I don't want to be liable for it and have my credit ruined and want my name off of it.  Both vehicles have both of our names on the registration.  I live in San Diego.

Answer
Let's look at the subject of your question: "getting my name off a loan."  The bank has 2 people responsible for the loan- you and your ex.  That's 2 people, 2 incomes they can collect from.  Any banks' favorite radio station is WIFM: What's In it For Me.  They have everything to lose and nothing to gain by taking either person off a 2-person loan, so we know that's not going to happen.  Your only solution is for your ex to get a loan in his name, and use it to pay off the current joint loan.  As for the insurance, that's a little murkier, but I think you'll have to cancel your current policy and get a new one for just your own vehicle.  I know this is a tough situation you're in, and I would definitely advise that you contact your local credit-counseling service before you do anything.  They're best-equipped to help you through this.