[sampac8]

My husband and I are getting a divorce! And I am currently the co-signer on his truck. He wants to trade in his old truck for a new one. I don't want to transfer my co-sign to the new truck. He wants a copy of my drivers licenses. He says its to drop my name off the old loan. Does he need my drivers licenses to drop my name or is he tricking me into another co-sign deal?

[katieperez]

Hi there! I'm a finance manager at an RV dealership and before that, at a car dealership. In order to give accurate advice, I need to ask, is he trading in at a dealership? Is the dealership arranging financing for him or is he using his own source (i.e. credit union or personal bank)? Regardless, legally you can not be on the new loan without signing the contract, unless of course he has power of attorney over you. Does he? If that's the case, I suggest cancelling that immediately. You need to talk with the bank/dealership yourself to be sure you have all the details. You have just as much legal right to the all the information on the old loan. You will have to sign off all the trade paperwork, like an authorization for payoff by dealer, and more than likley a power of attorney for the dealership to sign your name off the title when they receive it from the bank. Unless you're in a customer title holding state in which case, a lien release will be required. You are in the states right? Whew, there's just so many ins and outs and things that vary by state but some things are the same. Let me know a little more about your situation and I'll do my best to be more clear.

[Choux]

You have to sign off on the truck that he is trading in. It sounds like he is going to FORGE your signature on whatever paperwork... which is a felony. Protect yourself and don't go along with it.

I'm guessing you are not going with him to sell the truck is because you both live very far away from each other? There are ways to do a legal transaction when people live far from each other... it takes more time and effort.