Could you help me with this situation? I had co-signed for an ex-lover to purchase a vehicle about three years ago. I haven’t heard from this person in over two years. I came home Wednesday night to find the vehicle sitting in my driveway, with the keys, and the registration in it. There wasn’t a note or a message or anything.
I called the finance company and they had told me that the payments where always made on time except for the last three months. I also found out that the registration was three months behind as well as a few tickets on it.
So, I made the payments to the finance company to catch it up. I am taking care of the registration and tickets. As well as added the vehicle to my insurance.
Now I want to protect myself if I am going to take on the financial responsibility of the vehicle.
I am unable to reach my ex and I think that he may have even left the country for a period of time.
The registration lists him or me as the owners of the vehicle. Which is apparently different then if it was listing as him/me.
DMV is telling me that this makes it possible to remove him from the registration of the vehicle with out his signature.
Now DMV will not remove him from the vehicle until he is removed from the loan from the finance company. The finance company is telling me that I need to refinance the vehicle and take on a new loan myself.
O.K. sounds easy enough. Right?
Well, I am trying to refinance the vehicle and nobody will take it until DMV removes him from the registration.
So DMV will not remove him until the finance company does, and the finance company wont remove him until DMV does.
Big problem!
It seems that the only choice I have is to continue paying the loan and keeping him on there as an owner. Once the loan is paid off, I can go to DMV and have him removed.
Now my question is how do I protect myself from my ex just coming over and driving off with the vehicle. Assuming that he has as much legal right to this vehicle then I do.
Is there a way for me to legally take over ownership of the vehicle without being able to contact him? Assuming he has just abandoned the vehicle? At least for now.
Do I as the co-signer have more legal right to the vehicle then he does? What can I do to remove his rights to the vehicle at this point?
2006-10-06 10:32:02 · 9 answers · asked by sfcastrolionmark 2 in Politics & Government ➔ Law & Ethics
Sell the car ASAP, that will allow you to pay off the loan, and your ex will not be able to "unwind" the sale to an innocent third party. As long as you own the car and your ex is on title they can take it back and they can even sell it without your permission, right now you're just making payments on behalf of your ex they have as much right to the car as you do. you're not even entitled to a refund of the payments you've made. I've been in the lending business for a long time and I have NEVER heard of a good outcome from a cosign situation, The reason borrowers need cosigners is because they are not credit worthy, if professional underwriters won't loan to a borrower then neither should you. hope you learned a lesson.
2006-10-06 10:41:41 · answer #1 · answered by Ron H 2 · 1⤊ 0⤋
I agree.
You need a good lawyer! Your dilemma is much too complicated and you will NOT find an answer to all of your questions here in this Q&A. It's just not happening. Even if a real lawyer were to see this question, he/she would not answer it here in this forum.
...and I'm sory. I see some good suggestions here, but there is a lot more to it than 'suggestions'..
Get a lawyer
Many lawyers have free consultations. Others will charge a fee for consultation, but look to pay a bit more if they are just going to give you ADVICE!
You need to contact your local Bar Association to find out the name of a lawyer (probably one who handles collecctions) or perhaps you can ask a friend.
Whatever you do, don't waste time or money consulting with an attorney just because "he's good", because just because "he's good" does not necessarily mean he is "so good" regarding the answers you need. Many lawyers will listen to your problem and then tell you they have to do some research...which you will pay for. So just make sure you get a lawyer who has the answers you need. And take your time. You seem intelligent. You just made a costly mistake. Correct it. With GOOD legal advice.
...and I am sorry. Even though there are some good suggestions here, they will NOT solve this matter.
Get a good lawyer.
2006-10-06 10:53:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This is why co--ownership is not recommended by lawyers.
Do you really NEED or WANT this car? It doesn't seem like that, since you did without it for two years.
I would take it back to the Dealer and sign the papers for a volutary repossession, and let them figure it out,
as long as they will exculpate you from any financial obligation.
My answer would be different if there were only two or three payments left, to have complete ownership. But if there are two more years of payments, abandon this headache and let your x--boyfriend solve his own weird problems.
Think of THIS. What if that car, driven by your X, was involved in a fatal accident, or a crime.? Would you want it traced back to you? Keeping the car might be like picking up a gun off the sidewalk. You don't know what it's been involved in .
Protect yourself. Dump that car.
2006-10-06 11:08:35 · answer #3 · answered by DinDjinn 7 · 0⤊ 0⤋
Take out a personal loan and buy the car out right from the finance company with your name on the title, they will not refuse the cash. Then you can refinance the car to pay off the personal loan if you want.
2006-10-06 10:44:59 · answer #4 · answered by FOZ 4 · 0⤊ 0⤋
I agree. you like a good lawyer! Your capture 22 difficulty is plenty too complicated and you will no longer locate an answer to all your questions right here in this Q&A. it truly is in basic terms no longer happening. whether a actual lawyer have been to work out this question, he/she does no longer answer it right here in this communicate board. ...and that i'm sory. I see some good techniques right here, yet there is so plenty extra to it than 'techniques'.. Get a lawyer Many legal professionals have loose consultations. Others will value a fee for consultation, yet seem to pay slightly extra in the event that they're in basic terms going to furnish you suggestion! you would be able to desire to touch your interior sight Bar association to be certain the call of a lawyer (in all risk one that handles collecctions) or in line with risk you may ask a chum. besides the fact which you do, do no longer waste time or money consulting with an lawyer in basic terms because of the fact "he's powerful", because of the fact in basic terms because of the fact "he's powerful" would not inevitably recommend he's "so good" appropriate to the solutions you like. Many legal professionals will hear on your situation and then assist you comprehend they might desire to do a sprint diagnosis...which you are going to pay for. So in basic terms ensure you get a lawyer who has the solutions you like. And make the effort. You seem clever. you in easy terms made a high priced mistake. superb it. With good criminal suggestion. ...and that i'm sorry. even nevertheless there are some good techniques right here, they gained't resolve this rely. Get a good lawyer.
2016-10-02 00:36:21 · answer #5 · answered by grumney 4 · 0⤊ 0⤋
He handed it over to you and your on the loan so its yours. If it ever came to it in court you can just say that he abonded responsibility. Its just good that he gave it to you since he wasnt paying it could have hurt your credit. Maybe you could get a personal loan to pay off the vehicle and that way you could get him of the records.
2006-10-06 10:42:28 · answer #6 · answered by smalltownangel 4 · 0⤊ 0⤋
you need to call a lawyer, to fine out what your rights are, if he is part owner then he can come and take the car at anytime.
2006-10-06 11:43:21 · answer #7 · answered by ? 5 · 0⤊ 0⤋
This is a prime example why people should not play house. This is a Hot-Mess !
2006-10-06 10:35:57 · answer #8 · answered by Diamond in the Rough 6 · 0⤊ 0⤋
This is the best answer you are going to get: GET A LAWYER.
2006-10-06 10:35:15 · answer #9 · answered by Jim T 4 · 0⤊ 0⤋