Both of our names are on the title.On the car registeration it reads xxx and xxx. The problem is we are not together and havent been for awhile, but i have been playing miss nice girl, and letting him keep the car as long as he was making payments. Well i would like a new car now, and the car we both sign for is making my debt to ratio huge. I have asked him to re-finance the car to take the car out of my name. The lien holder says he doesnt have enough credit to do so himself and he would need a co-signer, but he doesnt have one. I would like to take the car back and sell to thrid party to get truck out of my name. He refuses to sign the paperwork. Since he wants to keep the car and has been making payments. Also he doesnt have a license, so the insurance is also in my name only. What are my options?
2007-02-08 01:31:38 · 7 answers · asked by Nicole B 2 in Business & Finance ➔ Credit
Stop being nice and sell the vehicle. Unless you want this to haunt you for years and years. And for goodness sakes, women, stop co-signing for men!!! If he doesn't have good credit that's his problem, not yours. Tell him to save his money and buy a car cash.
2007-02-08 02:20:03 · answer #1 · answered by Kevin K 3 · 0⤊ 2⤋
You are both liable for the vehicle and the finance company hates to take a name off the loan unless they absolutely have to. Right now if you default on the car payment the lender has two people to go after for any short fall after they repo the car. If they took your name off, they only have one person on the hook for the money. If you were owed money would you rather have two chances to get it back or just one?
You probably need to talk to an attorney as you are in a precarious legal position. Apart from anything else, if he is involved in an accident in the vehicle your insurance will not pay out. The insurance you have will be contingent on any driver who uses it having a license. No license, no insurance. So you might want to threaten him with calling the police. It is of course illegal to drive a car without a license, and he could get in a lot of trouble over this.
Clearly your goal should be to pressure him to let you sell the vehicle so you can get it off your credit, and stop dealing with this nonsense.
2007-02-08 09:42:04 · answer #2 · answered by ZCT 7 · 1⤊ 0⤋
If you drop the insurance, the car company will just tack the new insurance payments to the car loan.
I would probably do that. That is quite a bit of liability to having hanging over your head.
As far as stealing the plates off the car, that is exactly what you would be doing~ stealing!
Jail would be the easiest of your problems!
But it would no doubt be one of the bigger ones.
Just because the two of you broke up, you can't all of the sudden say, well since we broke up I want to several all ties because you signed the contract! The contract stated that he would do 'x' and it appears like he is doing just that.
If he was to STOP paying, then you would have legal recourse but just because now you dont like it, sorry to say but tuff titty!
You say you are being nice but sounds like he is too.
Since his credit is already shyt, he could very easily make late or slow payments and screw up your credit but it doesnt sound like he is doing that.
This wouldnt be an issue if the two of you hadn't broke up so dont make it one now.
Just like you can make his life hell, he can do the same thing back to you...If HE were me and you took the tags off of my car like the other poster suggested.
I WOULD STOP MAKING PAYMENTS THAT DAY!
Trust me when I tell you
the bank will come after you
if you think you couldnt buy a car before....
The bank will reposess the car (unless you decide to start making the payments)
and sell it and then demand the difference from YOU so say they go get the car and sell it for 4k but it is worth 7k, guess who is going to have a 3k debt on their credit now?
YEP YOU!
I am sure he knows this too, If I were you, I would lay off until he actually does something wrong other than breaking up with you!
2007-02-08 10:12:12 · answer #3 · answered by lisa s 6 · 1⤊ 0⤋
Unless he agrees to refinance, you are stuck with this vehicle until it's paid for. The thing you really need to be concerned about is him not having a license. If he is involved in a wreck your insurance will not cover him. Yon need to talk to a lawyer A.S.A.P. you are in a very bad Situation.
I would take the tags off the vehicle today so he can not drive it.As a last resort, you could call the lien holder and inform them that your ex doe's not have a license.
2007-02-08 10:14:02 · answer #4 · answered by ? 7 · 0⤊ 1⤋
You need to talk to an attorney immediately to take him to court and gain possession of the car. You are liable if this person has an accident in the car. Everything will fall on you for letting an unlicensed driver have possession of the car to drive. If he did have an accident, your insurance company would cancel your policy or make your premiums so ungodly high you would have a difficult time affording it.
2007-02-08 09:37:57 · answer #5 · answered by Sparkles 7 · 1⤊ 0⤋
I would immediately take the tags off the vehicle so he can't drive it and since he doesn't have a license - he should not be driving to begin with! He needs to get his license and insurance immediately!
The big thing is to get your name off of the title - see if you can just 'sell' the vehicle to him for $1. Talk to an attorney to see if there is another way you can get out of the situation.
2007-02-08 09:45:23 · answer #6 · answered by sagegranny 4 · 1⤊ 1⤋
Boo, you ex knows his credit is jacked up and he couldn't get another car loan.
THAT IS WHY HE STAYED WITH YOU -- for the UPGRADE!
You can't take the car back as you are JOINT owners. You can't force the sale of the vehicle.
You are stuck like chuck and this is EXACTLY why no matter how good your man is to you -- nevah, and I repeat, nevah co-sign your man's note. Why you ask? Because in order for him to walk, he has to crawl!
When you do it for him, you get left with the hot messes he creates.
The road to hell is paved with plenty of good intentions.
2007-02-08 10:42:38 · answer #7 · answered by DaMan 5 · 2⤊ 0⤋