I can't sell it and i can't get it repossessed! what the heck am i supposed to do with this car?!!?

Question

My ex stopped making the payments on a car that is in my name. i know signing for it was a stupid thing to do and i'm trying to get rid of the car and deal with the consequences. i can't sell it, i've been trying, and chrysler won't take the darn thing back under voluntary repossession! i've already told them i can't make the payments! what's the difference between taking it now and taking it in 9 months when i haven't sent them a dime! what do i do with this stupid car?!?!!?!? i have my own car that i'm making payments on - will they try to take that one?

PS. my loser ex lost the insurance on it almost a yr ago. it's been sitting in the lot at his job since then. not insured. not registered. unfortunately-arranging to have it stolen isn't an option

Answer 1

what would happen if it were stolen ?

Answer 2

If the car is in your name you have the right to sell it. I don't believe you can't sell it. Any car, regardless of the condition will sell if the price is right. You don't want to give it away but you can sell the car.

If you can't sell it for enough money to pay off the loan then you are going to have to take the loss. But there is a bright spot. Selling the car and losing a little money is better than having the car repossessed and losing your credit rating for several years. No ex is worth losing your credit over.


I would sell the car, take whatever you can get. Pay off the loan and be done with it. If you have to borrow a small amount of money to make up the difference between what you owe on the car and what the car sold for, so what. That's what we call a STUPID TAX. Pay the stupid tax and move on.

Answer 3

First thing, take the car back from your ex and store it in a safe place. If it gets stolen or wrecked, you'd be responsible for the FULL PRICE since there's no insurance on it!

By law, banks can repossess only after 3 consecutive missed payments. If they do, you'll be responsible for missed payments, towing fees, storage fees, PLUS the difference between what it fetches at auction and amount owed on the loan. So we're talking about THOUSANDS of dollars for a late model vehicle.

You could try selling to Carmax but they will only give you 50% of it's worth. So you'd still be out thousands.

Your ex must really hate you because he screwed you in more ways than one.

Answer 4

By waiting, Chrysler can charge more for the back payments. Having repossessed can negatively impact your credit score. This is a "possession that should have been given up in a divorce agreement, making it the ex's responsibilty. That would, of course involve your ex taking the responsibility voluntarily.
Of course, if by ex you do not mean an ex spouse, you have little, if any legal standing. From your question, it sounds like you have possession of the car, which makes it your responsibilty. Keep trying to sell it and keep up the payments as best you can. Try to get a buyer who will take over payments.

Answer 5

The reason why they don't want take it back is because they are racking up late fees and collateral insurance on the loan the premiums on collateral insurance are astronomical.They figure they are going to re posses it anyway.And when they do they will take the car to the auction and sue you for the difference,or the deficit balance,which will be a lot of money.These people are very hard to deal with,talk to a lawyer and get your options,I have seen situations like this put people in bankruptcy.You could also go to a credit counselor.Good luck

Answer 6

Oh good grief. Please don't "wreck" the car in an attempt to collect payment. You would have to total it out, and the chances of injuries are too high, even if it's ruining your credit.
Sit down and determine the retail value of your vehicle(not Kelly bb, the other one--the one the insurance companies use, sorry I can't remember the name of it). Then determine how much you owe.
If it is in your name, you can make a galant effort to sell it. Even if you don't get full value, you will be able to pay most of it off. Put it in newspapers, thrifty circulars, word of mouth, online--SOMEONE will want it.
Scan your contract for interest clauses. My loan had a claus that stated if it was paid off early, I would be hit with a large amount of additional interest. It may be better to make monthly payments than pay in one large lump sum.
Keep you head up, and don't stress. You know you made a mistake, dwelling on it isn't going to move the process forward. You are capable of getting yourself out of this!
Good luck, and please don't total the thing out. No matter how much satisfaction it may bring!!

Answer 7

OK...you got a two part questions. Due to the fact that you got one good loan and one bad loan the finance company wont see it as one account itself for they are both differents accounts under one name.You will not get yours taken away. Now if you can prove to a judge that no payments have been made on the default vehicle from your own account and that it has fall all in your ex account, a judge can order him to pay and get the vehicle up to date. Now, you may want to get that car to your own place, and attempt to sell it as take over payments. The problem of being abandoned is that you can inherited fines for it including impounding. Which if you dont pay the things can get more complicated. I can give you more information privately so reply to me and I shall sent you more information

Answer 8

Expand your reach beyond your local area and advertise your vehicle to prospects you can't reach through other advertising options. Reach the over 9 million unique visitors to online ads every month (2 out of every 3 of all online used car shoppers).

Some online ads can run for as long as it takes to sell your vehicle. This ensures your ad is available when the right buyer is conducting their search. And when you find your buyer, you can easily remove your ad to stop further inquiries.

Answer 9

Run some ads for someone to take over payments and work it out with the finance co. or maybe take it to some used car lots and see what they'll give you for it. Not an easy choice/bad situation.

Answer 10

Talk to an attorney. You can try putting the car up for auction on Ebay. No they won't take your second car if you default on the first car loan.

Answer 11

they wont take your car, and if they wait longer then it just messes up your credit even more, that is why some companies wait to pick up the vehicles, as long as you have full coverage on the vehicle arrange to have it "stolen", and wrecked, then your insurance will pay it off and you wont have to worry about it anymore.