now we are going thrue divorce and he sayz he dont wanna make the payment on the car.... i owe 50.000 on the car and i cant make the payments ....mu monthly payment is 1000 ....
what should i do ,.... should i give it back to the dealer ... i really dont wanna roiun my crdit :( help me out plz :(
2007-05-16 00:40:19 · 12 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Don't you have an attorney? You should ask him/her what to do really. The car probably won't be repossessed for about 3 months of non-payment. However, it will leave a mark on your credit report. Can you sell the car? Ask you attorney if you can sell it and get enuf $$ to at least make a large dent in the amount owed on the car. Voluntarily returning it to the dealer will still leave a mark on your credit, just not quite as bad as having it repossessed.
2007-05-16 00:46:34 · answer #1 · answered by ~RedBird~ 7 · 0⤊ 0⤋
I would send the auto back to the dealer, but if you co-signed and you do not make the payments, it could damage your credit too. Since the divorce will be be soon, some dealers will be understanding if you go to them before the payment is due or pass due, they might even try to help you find another buyer to take over the payments.
2007-05-16 07:49:50 · answer #2 · answered by ace 2 · 0⤊ 0⤋
I'm not sure I understand or u understand the situation or maybe both of us. He shouldn't have been able to put the loan for the car in your name (unless you voluntarily signed for it) only the title to the car. Make sure you check the details of who is on the loan papers to make sure there's no issues you don't know about. So if he goes delinquent on the payments it's his credit that would suffer and the loan company would repossess the car. You either don't do anything and eventually it'll be repossessed, you sell it (legally it is your car whether or not your financially responsible for the payments since title's in your name), or you return it to your ex and let him deal w/ the situation. It has nothing to do w/ your credit since you shouldn't be on the loan papers (unless you signed them or he forged them( which would be criminal and would require some serious thought for u since he has so much info about u)). The longer you keep and use it the less valuable it becomes so deal w/ it now.
2007-05-16 07:46:28 · answer #3 · answered by ? 6 · 0⤊ 1⤋
My sympathies, divorce is so hard to go through. Make sure you have a lawyer, not just one who you went to to draw up the papers, but one who is representing you. Its so important. You do not want to turn it back in to the dealership because even though it would be voluntary it still shows up as a repo on your credit report. That will damage your credit score alot . If it was purchased while you both were still together, I think it would be very hard to prove fraud. Getting representation from a lawyer is necessary to ensure your financial well being, its crucial.
2007-05-16 07:58:55 · answer #4 · answered by Sasha W 2 · 0⤊ 0⤋
Since you are going through a divorce ask your lawyer, because it should be part of the settlement. Or it could be a separate law suit and your divorce lawyer should know what is the best way to handle it.
2007-05-16 07:53:36 · answer #5 · answered by Aliz 6 · 0⤊ 0⤋
Trade it in as soon as possable take your hit $50,000 sounds like he rolled over other debt onto this car loan. The Ford store is more likely to move you into something you can afford to drive. But check with who owns the car loan and ask what they can do for you.
2007-05-16 07:45:43 · answer #6 · answered by John Paul 7 · 0⤊ 0⤋
How did he get credit under your name without your permission? Answer is, he can't. You gave him permission so now you must deal with it. Have the car returned to the dealership and arrange to make up whatever default fee there is and NEVER let anyone gain credit under your name again.
2007-05-16 07:44:04 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Need to have the dispossession of the vehicle adressed in the property discussion of your divorce. Not sure how HE bought it in YOUR name, but the judge needs to look at the best way to determine who pays for it, or how it should be disposed of as an asset/liability.
2007-05-16 07:43:03 · answer #8 · answered by wizjp 7 · 1⤊ 0⤋
Talk to the dealer and explain the situation. I imagine that they'd take it back. I would also talk the lawyer handling the divorce for you (if you don't have one, get one pronto! He's trying to take advantage of you!!!).
2007-05-16 07:46:31 · answer #9 · answered by WolverLini 7 · 0⤊ 0⤋
im sorry to here that. maybe you should talk your ex into paying for the car together. that is the most resposible way to do it and if it doesnt work out then you are out of luck!
2007-05-16 07:44:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋