stuck with a loan?

Question

I took out a car loan for someone who now is my ex we ended in very bad terms. he broke up with me. he said he was going to continue making payments but to pay it all in full it would take about years. I refuse to have any kind of relationship with him. I suggested we take out a loan where I co-sign and then in a year or less he can build up enough credit to take out his own loan. (right now he can't on his own because he doesn't have credit and by me co-signing and putting him on the loan i assume this keep him more on his toes when it comes to paying and i'll get out of it sooner). Now to do all this the dealership needs his info for the loan application i've asked him the dealership has called him and he tells me when he gets a chance and he tells the dealership he will call back. I'm very annoyed because he ended the relationship and it would only seem logical for him to want to get out of all this quicker than i do. what should i do? it's been two weeks that hes playing these game

Answer 1

You should check with the bank you got your loan through. As the owner, I would suggest selling the car to pay off the debt. However, this really depends --- which kind of car did you buy? Unfortunately, if you bought a domestic car, you probably owe more than you can sell it for. That's just a sad fact of car buying --- American cars are horrible on resale value.

However, if you bought an imported car, noteable Honda or Toyota, you'll have a good chance of recovering some cash after selling it to pay off the balance. If not, you'll end up with a negative balance and will have to pay that off yourself.

The other option is to have him refinance the car under his name. In essence, he'll be "buying" it himself.

Given your situation, it's a good idea to take care of this ASAP so that you don't have to put up with him. Your relationship is already over, and it could easily get worse if he decides he doesn't want to pay anymore. His late or non-payments can translate into bad credit for you, and he could care less.

Advice? Don't finance cars for people you aren't MARRIED to.

Answer 2

You did not say whose name is on the title. If your name is the only one one the current loan, his credit is not on the line. As long as his name is on the title, you can't take the car from him. The finance company won't repossess unless the loan goes into default. If that happens, YOUR credit is damaged. The only thing your ex-has to lose is the car. He seems to be betting you'd rather buy him the car than damage your credit. Judging by your question, he may be correct. Either way, unless your name is on the title, and you are willing to remove your name, there is no benefit to him to change anything.

Answer 3

That was stupid of you to co-sign a loan there's a reason the banks won't give a person a loan and you definately shouldn't mess with your credit.......you can take it to small claims court or if the car is in your name sell it but you're kinda tied down to the loan right now

Answer 4

From the sounds of it, the ex BF isn't even the owner of the car.

If his name is not on title to the vehicle at all, go take the car back. If he doesn't let you, call the police and have them escort you to reclaim your property. If he tries to evade this, it can be considered grand theft auto, and he's off to jail.

Sell the car, take whatever loss you have to on it, and move on.

Do NOT refinance the loan with both of you on it. You'll be dealing with hell for years. If it's this bad now, it will only get worse.

He needs to get his own car with his own money, however he is able to. And you need to get this loser out of your life permanently.