My soon to be ex husband is behind two payments on his truck loan. I've been getting letters in the mail and phone calls from the finance company. The finance company says I cannot go get the vehicle. Are they right? They say the only thing I can do is wait until vehicle is repo'd and then pick it up and pay the fees and get payments caught up to take possession of the vehicle.
2007-02-06 11:07:56 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
The finance company is correct, sadly. In the state of california, if the divorce is finalized and he is given sole possesion of the vehicle,, you are further not able to take the vehicle even if it is repo'd. I suggest contacting your attorney (if you have one) and make arrangements to have the vehicle transferred to you and then you take over the payments. Also, make sure that any debt you mnay be a signer on is paid asap to avod any problem with him stating you owe on something else he has possession of.
You may want to sign up for a credit monitoring service to make sure your other obligations are not being affected or that he isn't applying for credit in your name etc. just a precaustion, but better safe than sorry. Good luck
2007-02-06 11:16:00 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
The finance company is correct, well to a point. If you have keys and are half owner of the car, there's nothing to stop you from driving it away now is there? I'd check with your local police department, but I don't think there is any law that says you can't take it if you have keys to it. Who's name is it registered in? If the registration and insurance and all is joint as well as the loan...then its yours as much as it is his. If it is registered in his name and you have no ownership to the vehicle, then all you can do is wait for it to be repo'ed. If you are merely just a co-signer....just wait for the bank to take it. Lesson to be learned....don't cosign for other peoples stuff....even if you do love them!
2007-02-06 11:14:27 · answer #2 · answered by Shae 3 · 1⤊ 0⤋
If you co-signed for it, you have a responsibility to live up to your end of the deal. You agreed to pay it if he didn't. If you don't, it'll show up on your credit report. That's how it works.
If you try and go get the car, he *can* report it stolen, even if your name is on it. The police will likely disregard the report once they realize you are on the loan, but it'll be quite the hassle in the mean time for you.
Just take it as a lesson learned. Never co-sign unless you've thought of ALL of the circumstances.
2007-02-06 11:12:38 · answer #3 · answered by Anonymous · 1⤊ 0⤋
They are correct, you can not get the car, but if you are the co-signer you will be responsible for the car payment and it could reflect on your credit report.Did the credit company tell you it would not reflect on your credit report if the vehicle is repossessed? Co-signing can be the pit's.
2007-02-06 11:16:03 · answer #4 · answered by Connie M 2 · 0⤊ 0⤋
The finance corporation is appropriate. yet, you may ask them to expedite the repo to shrink the previous due funds and expenses. Ask your ex to voluntarily renounce the truck to the finance corporation ( longshot). Have the corporation re-call the automobile on your call and re-do the notice on your call, to that end elminating any declare your ex might have. this grants you time to sell the truck and pay off the notice. If the finance corporation handles the deal, they have not have been given any incentive to get good greenback for the truck on account which you're on the hook for the deficit. JH
2016-10-01 13:10:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have the money to make the payments ~ see if you can talk to someone in not repossessing the car.
Not sure of the scenario. Never had a repo ( thank God!)
2007-02-06 11:14:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No you cannot - you only agreed to pay the load if the primary lendee defaulted - the lender still owns the vehicle until it is paid for.
2007-02-06 11:11:58 · answer #7 · answered by John W 3 · 0⤊ 0⤋
i definitely wouldn't buy that for $1! u are partially r'spnsible for that v'hcle. if u can take care of the debt now , y wait for it to go n2 repo? it's gonna mess up your credit also, surely u don't need/want that??!! they're not going to tell u the truth, they want you to suffer - that's how they (creditors) make their $$$$!!
2007-02-06 11:35:15 · answer #8 · answered by ACURA KRAZY 1 · 0⤊ 0⤋
I don't know the answer for sure, but there's a great financial advicer who would know. His name is Dave Ramsey and his website is daveramsey.com. You can get great advice there.
2007-02-06 11:16:12 · answer #9 · answered by northtexas27 1 · 0⤊ 0⤋