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???
2007-03-12 08:08:38 · 17 answers · asked by bnelly05 3 in Cars & Transportation ➔ Insurance & Registration
There is no way out, you signed a contract agreeing to pay the loan if your fiance didn't, now he's not and you are having to take the responsibility. I would request the car be returned to you, continue making the payments to protect your credit, insurance will be required also, because of the loan. You don't want the car to go to auction, they will sell it for pennies, then you still are required to pay the loan, so you might as well have the car also. I would start working with the finance company, since you are legally bound by the contract, they may give you a chance to get things together before severe action is taken, like garnishment of your wages, or putting a freeze on your checking/savings account. Good luck, and let's remember the lesson here, NEVER co-sign a loan with someone, it effects your credit rating showing you have this loan out also, so many bad things going on, never do it again.
2007-03-12 08:44:29 · answer #1 · answered by fisherwoman 6 · 2⤊ 1⤋
This is going to cost you. You'll have to pay the payments, and your credit will suffer. If bf doesn't make the payments and doesn't have anything, they will come after you, as they are now doing. Can you talk your bf into selling the car and paying off the loan? That would be in your best interest.
It's not a good idea to ever co-sign for someone, because you never know what will happen. They could get sick or die or have an accident.
2007-03-12 08:18:22 · answer #2 · answered by Fordman 7 · 1⤊ 0⤋
offer to buy the car for the past due amount or if your generous look up trade in value and take possession of the car, turn around and sell it hopefully its worth more than he owes. If not let it go and explain for the rest of your life why you have this one repo. Either way hes out of a car.
2007-03-12 08:22:35 · answer #3 · answered by ramz 2 · 0⤊ 0⤋
well, the only thing you can do to avoid the repo is to bring the loan current. if you do not, they will repo the car from your ex, and the reposession will destroy your credit. if you have good credit now, you will certainly want to avoid that course of action. the next time you go to get a loan the fact that it was your "ex's" will have little bearing on the decision the loan officer makes.
2007-03-12 08:14:36 · answer #4 · answered by rcm1454 2 · 2⤊ 0⤋
in case your automobile wasn't repossessed there is not any repo value. The repo agent would not earn their money until eventually they get the motorcar. in case your account is overdue, pay it up up to now and also you'll do not have any problem. vast apple is a correct to redeem state, so in case you do get repo'd you may redeem it as loong as you pay all overdue money besides because the repo expenditures.
2016-12-01 21:35:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Pay the loan up or talk to bank about helping them repo it and see if they with do it as a voluntary repo its no as bad on your credit.Good luck
2007-03-12 20:21:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I was thinking the same thing omgv1 said.
If you get stuck with the payments, then you get the car. Get a police officer to go with you to the place where the ex-bf lives, repo the car yourself. Then sell it to protect your credit.
Since your name is on the loan, your credit is on the line too.
2007-03-12 09:10:41 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Repo the car yourself, sell it and pay the loan with the money you sold it for :) problem solved.
2007-03-12 08:20:38 · answer #8 · answered by omvg1 5 · 1⤊ 0⤋
Pay the bill. I suggest letting them repo the car though - it would teach him a lesson.
2007-03-12 08:17:20 · answer #9 · answered by Go Bears! 6 · 0⤊ 0⤋
Nothing. You cosigned; it's your loan too. Advise them that he has the car. In the end, you'll still have to get with him and pay it off or see it sold or foreclosed.
Sorry.
2007-03-12 08:15:48 · answer #10 · answered by wizjp 7 · 1⤊ 0⤋