What should I do about a car that I co-signed for with my ex-boyfriend?

Question

Hi my name is Christina Granillo. I'm having a bit of a dilema of what to do legally. I co-signed for a car for my boyfriend of 2 years and we just recently called things quits, however, he kept the car and refuses to discus the matter of what we're going to do with it. Since technically both of our names are on it I don't want my credit going bad and he refuses to refinance. His family is also helping him in fighting me on the situation. I want my name off of the loan and the car so that if he so happens to screw up on his payments they won't affect my credit. I tried telling him that if we were going to break up I was going to have to come pick up the car and sell it private party to pay off the existing loan on it and he refuses. He's also hiding it in his garage so that I do not have access to it. Technically I'm entitled to 50 % of the cars worth and I'm afraid that he's either going to sell it and sign off my name to it, which I don't want either, or missing his payments. So I'm not exactly sure, legally what I can do at this point to make sure that my credit doesn't get worse from him and this car. Please advise. Thank you.

Answer 1

go to Judge Judy or the People's Court.. surely they have dealt with that so many times, they would know what to do...

or talk to a lawyer...

but take some action.. better safe than sorry..

Answer 2

Unfortunately, you are fully liable to pay for the car if your bf doesn't. Since you were not married, you have very limited options for resolving this mess.

The bank has no motivation to take you off of the loan, and they won't. You can have the bank send you a duplicate copy of the statement so you can monitor the payments. Still, you will be responsible for 100% of the loan, including any late fees, interest, etc.

What is the legal title of the car? Is it "you AND him" or "you OR him"? If it is "OR" then have the car towed while he is at work and sell it.

If you are somehow a co-signer for the loan yet not on the title of the car then you are in a huge world of pain. You may have no rights to the car yet full responsibilty for the loan if he defaults.

Finally, your actual obligations as a cosigner vary by state and the terms of the contact. Contact a lawyer to have the matter settled once and for all. You will probably end up in court and they will declare the car be sold if he cannot pay you 50% of the net value in cash.

Answer 3

Technically I'm entitled to 50 % of the cars worth

Technically you are not entitled to any of the car as a Co-Signer unless he defaults

When he defaults on the loan than you are entitled to the car and the payments

if I were you I would leave it alone unless contacted by the Bank of a default
If the Bank contacts you than tell them whats up and have a Sheriff get the property

Than you must resume the loan payments or have it repoed

Answer 4

See a lawyer.

I would also give up on trying to protect your credit. You only NEED it to buy a house or a car. If your credit gets trashed, it will only be that way for 7 years. Meantime you can buy used cars with cash and live with your parents unless you are already renting or buying a home. In which case, you are already on the road to repairing your credit.

Sincle Credit blemishes of this nature can be explained to many creditors or potential employers. Which is why it must never happen again.

Answer 5

Legally, you are screwed. This is why b/f's and g/f's should not be on loans together. And I'm fairly certain that you heard this advice when before you did it, I was just pointing it out to you so that in future, you might listen to the people who are telling you things you don't want to hear because if they are close to you, they are just looking out for you. Had you been married, you would have all kinds of rights.

You might want to check and see if there are any common law marriage laws in your state.

And you should probably edit your post to delete your name. It serves no purpose for the discussion and someone here could use it against you in some way.

Answer 6

It sounds like things need to cool off between you two. You must have recently split up. You should get the advice of a lawyer on this matter. You will probably have to go to court if your ex is a real jerk. It sounds like he is being pretty immature about things. Usually you can get a free consultation with most lawyers. I would act quickly though, it sounds like your ex doesn't care either way what happens to the car. He is being unfair.

Answer 7

If the TITLE is in both your names you could sue him and force the sale of the car.
If you merely co-signed a loan... then the car remains his.
If he quits making payments, then you will be liable to make the payments or ruin your credit.
In essence you will be buying him a car.
I hope you learned something here...I hope everything turns out for you, the guy sounds like a jerk. Good luck to you.

Answer 8

Unfortunately, unless he is willing to ask the bank, and the bank is willing to say yes, you're stuck with being on that loan until it's paid.

You theoretically could sue for partition and force its sale and split any proceedes after the note is paid off, but that usually leads to a shortfall with the bank with car loans.

If you get stuck making the payments, you might be able to have it repo'd and dispose of it yourself.

Best bet, talk to an attorney. But for the most part, you're stuck until the loan is paid off.

Answer 9

If he wont do any thing about it. And you are really affraid that he will flake off on the payments. Try contacting the firm that financed it. And see what they say. If they are no help you might want to talk to a lawyer. Good Luck. And don't sign anything for any body.

Answer 10

I feel for you, unlike others, I have to say I think you know that you made a mistake, and it won't happen again. As for legal advice, the best thing you can do is talk to one of those people we call attorneys...this I do know...you signed, and it is your responsibility. Period. If he won't let you see the car, you have every right to reposess it, check local laws. It's kindof like a child.He can't sell it without your signature. Talk to an attorney, and if you have to, call a cop. Also, I wouldn't worry too much about his feelings, he probably isn't worrying about yours.