When me and my ex were together, he needed a car and his credit was really bad. So I got the car in my name, and he agreed to make the payments. Now 2 years later we are not together and I have an extremely hard time trying to get the monthly payments from him. The finance company calls every month cause he doesn't pay on time. Can I have the car repossessed, cause I can't afford to make the payments myself?
2007-09-10 09:56:35 · 4 answers · asked by LD 1 in Business & Finance ➔ Personal Finance
If the title is in YOUR name only, you legally own the car and have the right to take it back at any time. If you do, I recommend selling it yourself and asking the lender for a personal loan if it does not bring what you owe. You will get more this way than if you allow the car to be repossessed.
If his name is on the title, the only way you can have the car repossessed is to quit making payments and tell the finance company to go get the car every time they call.
EDIT: If the car is in your name, you should inform the police in his area before you pick up the car. That will save you problems WHEN he reports the car stolen. If they know the LEGAL owner has taken the car, they will not list it as stolen.
2007-09-10 12:20:23 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
If the car is in your name, and only in your name, then I am pretty sure that legally the car is yours (but check with a lawyer). So go get it back. Either get him to give it to you or call the cops and report it stolen. Once you have possession of the car, sell it and pay off the loan. You really want to do this instead of having the company repossess it. The repossession will damage your credit and make a lot of problems for you when you are ready to finance your own car. While you are in the process of getting the car back, you can try contacting the loan company to see if they will suspend the payments for you for a couple of months without reporting it to your credit. It doesn't hurt to ask! By the way, this is why cosigning on a car with your boyfriend is a bad idea. Sorry you are having to learn this the hard way, but I guarantee that you will never do it again!
2007-09-10 18:44:46 · answer #2 · answered by jml167 4 · 1⤊ 0⤋
Call the finance company and explain that when you split up , your ex boyfriend took the car and was to make the balance of payments . Ask what you need to do to get your name off the paperwork and it put in his name . Tell them you prefer to hand back the car rather than damage your credit .
You may actually own the vehicle . You might need to talk to a lawyer because a repossesion , even voluntary, may hurt your credit .
2007-09-10 17:09:40 · answer #3 · answered by mark 6 · 0⤊ 1⤋
If the car is in your name you can go get it any time you want to.
2007-09-10 17:02:56 · answer #4 · answered by ralph 5 · 0⤊ 0⤋