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 10:33:28 · 4 answers · asked by sfcastrolionmark 2 in Cars & Transportation ➔ Buying & Selling
Egads! You could star in a commercial for reasons NOT to ever be a co-signer. I think, (and I REALLY hate to suggest this), you would be money ahead to consult a lawyer on this. There may be a dozen legal loopholes that us dolts on Yahoo! never heard of. As far as protecting the vehicle, maybe having an alarm that disables the engine installed would be in order. Try and pay this thing off ASAP, man. The quicker it is paid for, the quicker you will be set free from this madness.
2006-10-06 12:04:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I like how the previous answerer automatically thinks that you are the guy. As I understand it, you both have equal rights to the vehicle 50/50. So the best thing to protect yourself is to sell it. He could come back at any time and claim half of it as his.
2006-10-06 11:07:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get the DMV to put that in writing, and forward it to the finance company.
2006-10-06 10:38:13 · answer #3 · answered by littleblondemohawk 6 · 0⤊ 1⤋
Just sign her name on the title to get it off, and dont worry about it.
2006-10-06 10:46:30 · answer #4 · answered by MazdaMatt 5 · 2⤊ 0⤋