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 10:37:32 · 7 answers · asked by sfcastrolionmark 2 in Society & Culture ➔ Cultures & Groups ➔ Lesbian, Gay, Bisexual, and Transgender
Legally the car is yours.If he didn't pay for the car,the finance company would contact you for payment.So go to them,and tell them to take him off the paper work,are you will not pay 1 cent more on this car.and ask to see the manager.When he shows up,give him the keys.Then tell him his car is out side,and thank him for the loaner.After all this just leave.
What your paying for this car is not worth,what your paying them.Counting interest,and all the fees,and the worse part.ALL THE HASSEL!!!!!!
2006-10-06 10:51:58 · answer #1 · answered by George K 6 · 0⤊ 1⤋
You are stuck between the devil and the deep, no doubt about it. The car is registered to him, yet the payments fall on you when he skips..it is your credit rating, but NOT your responsibility to pay insurance. You can DECOMMISION the car, return the plates to the DMV and put it up on blocks without the tires on it. But you will have to make the payments. IF the car is 3 years old, it is probably NOT worth the effort to fight for change of title. IF he doesn't show up within 6 months, claim it as abandoned, then you can have the title changed easily. But do not take the car and try to sell it, it really isn't yours to begin with. You have learned a cheap lesson here..NEVER cosign for ANY loan, I don't care for whom! Good luck, and take my advice about returning the plates if YOU do not want to use it. And in fact, if you do use it, without his permission, you are breaking the law. You can put a lien on the title for the full amount of the unpaid balance, but it will be a second lien and you will actually get nothing unless you pay off the car. The lender on the vehicle has the primary lien, period. Good luck
2006-10-06 11:47:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can't stop him from taking the vehicle, but you can have it rekeyed so that even if he kept a key it won't work. That would at least make him have to TALK to you about it if he tried to take it. Depending on the amount owed and your credit rating you could take out a personal loan to pay it off then remove him. Good luck!!
2006-10-06 10:46:59 · answer #3 · answered by Tony 2 · 0⤊ 0⤋
If you cosigned and he isn't paying, if you continue to make those payments, go to a lawyer to place a lein against the vehicle for the value of the payments. He will either have to pay YOU back or give up the car.
2006-10-06 10:43:25 · answer #4 · answered by IndyT- For Da Ben Dan 6 · 0⤊ 0⤋
The only thing you can do in this situation is take the case to court. You can do it in small claims or in superior court. If you can get a court judgement against him in this situation, you can use it to compel the DMV to remove him from the registration.
Consult an attorney. It's your ONLY recourse at this point, short of getting him to cooperate.
2006-10-06 11:30:21 · answer #5 · answered by Todd 3 · 0⤊ 0⤋
I agree with Indy T and Tony
Yes Indy, I was as amazed as you are.
In addition to their suggestions I would then sell the vehicle and buy a new one.
2006-10-06 10:49:49 · answer #6 · answered by ♂ Randy W. ♂ 6 · 0⤊ 1⤋
Let this be a lesson learned, never co-sign for anyone!
2006-10-06 12:32:33 · answer #7 · answered by Mrs. Curious 3 · 0⤊ 0⤋