What to do if a car in my name is about to be REPOED???

Question

I cosigned for on a car for my ex fiance.. fiance at the time, and he is over 3 months behind and I have been contacted saying they are about to repo it. What can I do to get out of this???

Answer 1

Unfortunately for you everyone is telling you the facts. You will either have to bring the payments for the car current or allow them to repo the car, if your ex has hidden it somewhere. They will eventually track it down but it will just add more cost to the total bill.

If you should be able to make a deal with the finance company to stop the repo, but don't have possession of the car I would make every effort to get it. Your ex is about to ruin your credit. Even if he turns the car in for Voluntary Repo, to a creditor a Repo is a Repo. If your in contact with him I would make every effort to motivate him to do something to try and salvage the situation.

One other hard fact is since the car is 3 payments behind you may find it hard to negotiate extra time with the finance company. Most will send out a Repo order once your more than 90 days past due, some will do it in as short as 30 days.

I wish you luck!

Answer 2

all you can do is let them repo it, pay the payments owed, or try to arrange a payment plan. if you want & can pay on the vehicle tr to ge out of the cosinin. ultimately as a cosigner, our are liable for the vehicle & the payment. if they repo it, it will be on your credit & his.

Answer 3

Nothing. When you agreed to co-sign you agreed to make payments when he got behind. they will repossess the vehicle, and offer it for sale. The difference between the selling price and the amount still due, plus the costs of the repossession, will be your responsibility to pay.

If you don't want it to be repossessed, you can pay off the balance.

Answer 4

either fork over what he hasnt paid or let the repo guy get it.