I'm getting divorced and the motorcycle loan is in my name, and my soon to be ex-husband has possession of it, he refuses to get the loan in his name, and if i sell it i will be taking a 2,000 hit that i can't afford to pay out right now. He currently is not making payments on the bike and because our divorce is not finalized he is not legally bound to make the payments.
So how bad is it to just say F*** it and just have it repo'd.
2006-06-07 08:39:07 · 5 answers · asked by JerseyBleu 3 in Politics & Government ➔ Law & Ethics
Consider how your credit looks now and if a reposession would make much difference. If he's riding it but not making the payments, go take it back from him. Then drive it around because it might be more fuel efficient, though not necessarily more comfortable. Him not making his portion of the payment is going to get it reposessed anyway, so why let him enjoy the privilege of riding it and stick you with the bad credit? Don't sign a quitclaim deed or give him the title, cuz then it's his and you still have your credit to pay off. True he'll probably get pissed but if he's not holding up his end of the agreement, then why should he benefit? It's about time somebody shows this guy that he can't walk all over you forever.
2006-06-07 09:53:54 · answer #1 · answered by Killer Curvz 5 · 0⤊ 0⤋
It'll be on your credit for 7 years. Going through a divorce is often tough enough on one's credity, you may want to see about other options. First off, you need to tell the police it is stolen and regain possession of that bike!! Secondly, call the bank where you have the loan and see if they can help you out at all with a re-fi or suspension of payments or something.
2006-06-07 15:59:57 · answer #2 · answered by Goose&Tonic 6 · 0⤊ 0⤋
Even if he will be legally bound on a divorce decree, if he doesn't make the payments, because your name is on it, they will come after you. You might be better off to keep it in your name, if he wants to buy it from you, get cash, and switch the title to his name, otherwise you are responsible. Best thing would be to sell it to someone else so you don't have to deal with your ex or yes, have it repo'd
Doesn't seem fair, but that is how it is.
2006-06-07 16:26:23 · answer #3 · answered by dubdub 2 · 0⤊ 0⤋
Take it back! Why should he get something you're paying for? When he gives you the cash, then you can give him the bike. Until them, tell him he can walk to work.
2006-06-07 20:37:05 · answer #4 · answered by mystique 1 · 0⤊ 0⤋
WELL YOU ARE SOL. TRY TO MAKE THE PAYMENTS, AND GET IT BACK. IF HE WONT GIVE IT BACK, I THINK YOU CAN REPORT IT STOLEN???NOT TO SURE ABOUT THAT, BUT I WOULD GET A LAWYER INVOLVED.
2006-06-08 02:22:34 · answer #5 · answered by Deborah G 2 · 0⤊ 0⤋