You are married or pacsés and you need a credit to finance the purchase of a car. Do you know that you can be in solidarity with the debt or not depending on the nature of the plan under which you married?
It is best, before committing yourself permanently and whatever your personal situation, to take notice of the contract.
Auto credit in the context of marriage
Some general reminders about the subscription of a car loan by a married or pacsé couple are necessary. First of all, you must know that one of the spouses can take out a credit in his name. However, the other will necessarily be considered to be in solidarity with the debt contracted if:
- The purchase is really useful to the couple
- The purchase can not be considered unreasonable
However, it turns out that in practice, the bank or the credit institution has a contract signed by the two co-borrowers. The institution requires at least the written consent of the other spouse.
In the case of marriage, there are two characteristics: either the community of property or the separation of property. In both cases, the consequences of the loan are different.
Under the community regime , from the moment the marriage is effective, everything you buy is 50% owned by your spouse. In this case, you will both be the owners of your vehicle.
As a result, you are also solidary in the repayment of the monthly payments of the loan contracted. The bank or credit company that finances your purchase then studies the file presented by the couple and its repayment capabilities. Contrary to what you may think, it is not only the situation of the person who borrows or uses the car that is examined.
Reminder : the notion of quota exists in the couple: it implies that the degree of responsibility of each spouse is evaluated according to the proportion of his salary in relation to the couple’s tax income. For example, take the case of a couple where the man earns 3,000 USD and the woman 1,500 USD. The man is responsible for most of the credit repayment.
Under the separation of property regime , things look a little different. However, you should know that you can request that the acquisition of certain movable property be carried out jointly or not. But most often, the community only concerns the main residence.
In this specific situation, the spouse who does not use the car is not required to ensure repayment of the monthly payments of the credit that has been taken out. Nevertheless, it is of course possible to buy this car to two, by then subscribing a loan to both names.
In this case, it will be worded in exactly the same way as if you are married under the community scheme.
The car credit under the pacs
If you live in concubinage, you have a joint credit with the two co-borrowers. In this way, you are both owners of the vehicle, but you are also in solidarity with the debt. This common loan is an important point, because if you do not, you expose yourself to disappointments.
Indeed, even if you participate in the repayment of monthly payments, you have no rights to the car. This participation may evoke for the tax administration a hidden donation. So be sure to inquire before signing your loan agreement.
The advantages of taking out a car loan in couple
By taking out a car loan with your spouse at the time of the study of your file, the bank or financial institution examines the total income of the couple.
This situation allows you to get a larger loan if you need it. It is also easier to borrow under these conditions if your personal debt ratio is a bit too high.
For example, if you bought your apartment before you get married or pacser and you are close to the 33% of debt authorized, the car loan would not be possible. If you decide to subscribe to two, the bank takes into account the couple’s income, which allows you to lower the rate to get your credit. Validation is then simpler to obtain.
Small flat : there are however some disadvantages that appear in the context of divorce. Indeed, in case of divorce, it is necessary to take into account the matrimonial regime to know how is done the division.
In addition, the couple is jointly responsible for the debt, that is to say that in case of problem repayment of monthly payments, the bank can turn against one or other of the spouses to obtain the repayment, which can be boring as part of a separation.
Under the separation regime, the vehicle is allocated to the person who bought it, but in the community system, it is put into the community, which forces the person who obtains it to pay compensation to the other. .