I and my boyfriend bought a car together. (he is a co-signer). But when we signed the agreement with dealership, I didn't know that he was cheating on me. I paid all the down payment. He hasnt pay for a penny.
He told me after we signed the agreement. he and a girl were driving my car too... I really don't wanna pay for the loan... it's not fair to me.
Do I still have to pay for the loan? any way that i don't need to pay? I NEED YOUR HELP!!!!!!
2006-06-29 07:59:56 · 28 answers · asked by makerunanrk 2 in Cars & Transportation ➔ Buying & Selling
You're pretty much stuck, if neither of you pay both of your credit ratings will take a hit.
2006-06-29 08:02:34 · answer #1 · answered by Rossonero NorCal SFECU 7 · 0⤊ 0⤋
Well, you have a signed loan agreement with the lending institution on that vehicle. But, he is the co-signer, correct? What does the title say? What does the payment book from the loan institution say? Whose Name????? Also, someone is paying for insurance, Right? I will assume it is NOT you. So, as per the loan agreement, you and your co-signer are required to keep full coverage insurance on the car. Right? So, if you ex-boyfriend has the vehicle and does NOT have full coverage insurance, he is in violation of the law when the vehicle is driven. Call the police. Have him ticketed, and when the confrontation comes, in front of witnesses, have him declare that the car is either yours or his, not both parties. At that point, if he claims it is your car, have him return the keys, get his crap out, and then trade or sell it from there. If he claims it is his car, well, this is where you, a copy of the ticket for no insurance, your witnesses, and the lending institution sit down and though it might take the involment of civil court. You will proably only have to pay half.
BIG NOTE HERE...On the title, some states only list the buyer, not the cosigner, if the title is only in your name (and the banks, of course) it is YOUR car. Ask for the keys back, if he refuses and takes the car for a spin. IT IS A STOLEN VEHICLE, REPORT IT IMMEADAITELY. He'll get what's coming to him in court, the vehicle will be returned to you (so, sell it) and that will be that.
2006-06-29 08:31:49 · answer #2 · answered by sfcjcl 5 · 0⤊ 0⤋
I don't have enough information. If you are currently in posession of the car, and your ex is not using it at all now that you have broken up (which I assume you have, otherwise you are not too smart) then the car is 100% your responsibility and you can't get out of paying the whole loan.
If he is still using the car, then he needs to pay off the loan, either entirely or partly. As a co-signer, he will be held responsible if you don't pay. However, you need to realize that if you don't make the payments, and they have to default to your co-signer, it will mess up your credit whether he pays it or not.
2006-06-29 08:04:41 · answer #3 · answered by e_r_c_15 3 · 0⤊ 0⤋
Yes you have to pay off the loan, especially if you are the primary account holder.
the decision you made was a poor one but try to sell the car as fast as you can. You may still owe some money but if you can pay it off on time and have no late payments, your credit won't be affected that bad and unfortunately you will have learned a hard lesson not to get into a loan with anyone that you are not legally bound to.
Good luck, and karma will come back to haunt your boyfriend
2006-06-29 08:11:05 · answer #4 · answered by duder 2 · 0⤊ 0⤋
Did you sign as co-owners or are you the owner and he's the co-signer. Maybe it doesn't matter, one or the other of you will have to make the payments. Who's car is it any way and why isn't it fair to you. Take the car and drive it if you make the payments. Wash the seats or whatever. Sell it. Trade it in. Don't blemish you credit history.
2006-06-29 08:14:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you signed the note - you have to pay. If he signed the note - he has to pay - if you both signed the note and one of you doesn't pay the other has to.
If nobody pays, the car will be reposessed, there will be a long-lasting mark against your credit worthiness, and potentially some legal judgement.
If the car is titled to you - perhaps your best choice is to sell it (if you can't afford the payment). If it is titled to him, then legally it is his car - and you can do nothing. If it is jointly titled, both must sign to sell.
If the loan and the title are in your name, take posession of the car immediately. If you are no longer a couple - you don't want him driving in "your" car - you could be liable for any misfortune that happens.
2006-06-29 08:05:33 · answer #6 · answered by me 7 · 0⤊ 0⤋
Yes you need to pay unless you can get him to call the finance company with you to see how they can get you off the loan, but I doubt it'll happen. Guess you should have thought a bit more about what you were doing. You have no real commitment to the guy and you sign for a car with him. Why not just choose some random person on the street to do that with? It's the same kind of situation.
2006-06-29 08:03:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If he is just a co-signer and you are the key loan holder, then yes you are responsible to pay for this loan. I hope the car is in your possession. If it is not, you need to go get it NOW. If you do not pay the loan, then it will affect both you and your boyfriend's credit. I recommend you pay it off, you could really damage your financial future if you don't (if you are the key loan holder).
2006-06-29 08:03:53 · answer #8 · answered by Girl 5 · 0⤊ 0⤋
Yes, you'll be responsible for paying those bills.
However, you may have some recourse in changing the title on the car, or having it repossessed by the lending agency.
If your name is on the title, or if the title shows your name "or" his name (not your name "and" his name) you can simply go to the DMV and have it converted to just your name. Then you can ask the police to help you get your car back.
You might speak with the lending agency, and let them know that you have essentially purchased the car under fraudulent circumstances. They might be interested in having it repossessed so that they can sell it to someone else. This might get you out of the loan - or at least the part of it that can be covered by the resale of the vehicle.
Good luck!
2006-06-29 08:07:02 · answer #9 · answered by abfabmom1 7 · 0⤊ 0⤋
Yes, you are. Anyone who signs a loan paper is responsible for the payments. You may be able to get out of it, but you will have to get a lawyer. If your ex-boyfriend has the car in his possession you may be able to get a release of ownership and/or a release of re-payment responsibility. Until then keep making the payments so that he doesn't end up ruining your credit.
Best of luck!
2006-06-29 08:07:36 · answer #10 · answered by i_am_the_dida 5 · 0⤊ 0⤋
I don't know how to word this but, example. I need my mom to co-sign the lease with me to get my car. Meaning that if i stop payments then she is responsible to pay that loan. If this was your case then if you stop paying the loan he will be responsible for the payments. I don't know what this will do to your credit. I suggest you get your name off that loan ASAP> Do you ahve the car?? Maybe you can give it back and let him pay for the loan. Remember possesion is 10ths of the law.
I hope this makes sense.
2006-06-29 08:06:45 · answer #11 · answered by princesscutesmile 5 · 0⤊ 0⤋