Can I take an auto loan consolidation and get two separate loans?

I currently have an auto consolidation loan, but I'm splitting with my wife. She wants to take over the loan for her car. Can I reverse an auto consolidation loan?

Answer
Sorry to hear about your separation from your wife. Hopefully, it’s for the best.
Regarding your auto consolidation loan, unfortunately, reversing this loan is virtually impossible. Most lenders will not allow you to reverse it back into two car loans, so you will have to work out this issue with your spouse directly.
Splitting the payment down the middle or having her pay her half to you each month are the most feasible options. Hopefully, you’re cordial enough to make this work. If not, you may need to enlist the help of an attorney to sort out your shared debt and finances.
If you need some extra cash to make the split easier on you financially, use the Jerry app. Compare quotes from up to 50 insurers in just minutes to save money on the full coverage auto insurance required by your lender.
Eric Schad
Answered on Nov 04, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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