Ok, I know how dumb of me this was....I cosigned for a new vehicle loan for my boyfriend. He promised to make all the payments. He was never able to make even one complete one and never titled it or insured it. We have broken up and he still has the car. I am worried! No insurance equals BIG PROBLEM if he's in an accident. What do I need to do??? Please be gentle :)
2007-12-03 06:14:45 · 14 answers · asked by N Y 1 in Cars & Transportation ➔ Buying & Selling
I am planning on filing bankruptcy soon so I'm not really too concerned about my credit at this point. I'm also not sure where he is living now. Should I start with a phone call to the dealership? Since he never got it tagged, wouldn't it still be under their name?
2007-12-03 06:35:34 · update #1
I'm sorry dear but now youre going to be stuck with the payments and if you dont pay it will affect your credit...never never ever cosign for someone...even relatives becuz when you do that it makes you the co owner and as much responsible for the payments as your ex who split.
If you can find him take him to court and sue him!!
2007-12-03 06:20:15 · answer #1 · answered by yoyo 4 · 1⤊ 0⤋
I see this every single day when i watch all the judge shows. You have to take him to court to sue, you can repossess the car your self. Go to the registry and cancel the title. Explain to them your circumstances. After you do this, the car will be considered stolen. When the cops find it, they will toss his *** in jail for driving an unregistered, stolen car. Once you get it back, sell it. You won't get the entire worth of the car, but you will get something for it. turn it in to the place where you bought it. they will sell it and any amt of money that is left, you will have to pay it, but then you can get the courts to make him pay. Cancel it today. Start proceedings to sue. That's the best thing that can happen. You can also report it stolen before you start any proceedings because the title is in your name. You have to do it NOW,. Never, ever cosign for anyone. If you have to cosign for someone, it means they have lousy credit and no one will give them a car or anything because they are a risk. This guy is scum and he played on your feelings for him. He never had any intentions of paying up. You learned a lesson the hard way, now teach that pig a lesson. Won't he be surprised when the cops stop him for driving an unregistered car? I wish I could be there. Good luck
2007-12-03 06:34:10 · answer #2 · answered by Memere RN/BA 7 · 0⤊ 0⤋
Well you seem to already know that you've got a big problem.
The choices you have are basically aren't very pretty.
The best option is to get your ex to pay for the car. Which it doesn't sound like he's planning to do anytime soon.
If the ex boyfriend won't pay for anything, you basically have the choice to "purchase" through some other loan in your name only and take full possession of the car. You can do this through another loan that would be carried in your name only. You'll have to get the title updated to your name only and literally take the car away from him. Once you are in possession of the vehicle, you can do what you need to. (ie sell it to someone and take a considerable loss in depreciation, or use it yourself)
Your other option also doesn't seem very appealing is to allow the vehicle to be repossessed. It will hurt your credit score, and cause you grief in obtaining a new loan in the future.
Either way, it's going to hurt.
2007-12-03 06:24:58 · answer #3 · answered by hsueh010 7 · 0⤊ 0⤋
I agree w/ William F.D. Never co-sign for anyone ever again. I'm willing to bet that he probably wasn't a very good bf to begin with & he talked you into that co-sign didn't he? As soon as he got what he wanted out of you, he was gone. You need lots of legal help & even police intervention. He has taken advantage of you & I'm also willing to bet that you really had doubts about letting him get that car, but you gave in didn't you? From now on, any "bf" who has credit issues, put on the brakes right there and reevaluate your need for him. Many a guy does this and they have no feelings or remorse for ruining the lives of many women. Why do you think there are far more men in jail than women? Because we're pigs! Well, not me. I'm a nice guy. But, put this on your list of things to never do again. No more co-signing ever again!
The other responses were correct about getting the car reposessed at your request. It will look bad, but not as bad if they simply took the car. Sorry about your situation. G'luck!
2007-12-03 07:03:52 · answer #4 · answered by The Eagle Keeper 7 · 1⤊ 0⤋
You signed a legal contract stating that since you are a co signer you are responsible for anything he does not pay including plates, tags etc. Even though you are going to declare bankruptcy the bankruptcy laws have changed and you will have to pay back everything you owe including that. My suggestion is to get a lawyer and see what your best option will be.
2007-12-03 07:28:25 · answer #5 · answered by ♥Kempa♥ 4 · 0⤊ 0⤋
Ok....I'll try to be as gentle as possible here :)
First off you need to keep ALL correspondence you have with him regarding the car in writing...letter form preferably, email if you can't do that. The first item you need to draft is a letter stating the circumstances of the co-sign, the lack of payment on his behalf, the lack of insurance, etc. Then present him with 2 options, either A. return the car to you immediately or B. pay up any missed payments he owes, license/title the car, etc all within 30 days.
This document will be critical...to a court, to the lien holder, etc. At this point you are in default with the lien holder just for failure to license and failure to insure...don't let this jackass ruin your credit or dent your record.
If he chooses option A. you can either keep the car and continue to make payments or liquidate the car and pay off as much as the remaining loan as possible. This will be your loss, it's doubtful any court will issue you a "loss" condition because of your willingness to sign for him.
If he choose option B. he must fulfill those obligations within 30 days or you will forcefully reposses the car...basically the police will escort you to pick it up.
If it were me I'd push A, you don't have to offer B unless you choose to do so. If he never made a payment and failed to get it legal it's doubtful he can do it in 30 days or if he did whether he'd continue to do so down the road. He could easily destroy your credit by failing to make payments.
If you're unsure of how to handle the paperwork yourself (drafting binding legal documents) then get a lawyer. Courts will not be nice to you in this situation nor will they show any type of sympathy....if it ended up as a civil case you'd most likely still eat the lien on the car.
In short....write a letter of intent, give it to him and make him sign it...whether it be to return the vehicle immediately, on a certain date, or to get it legal/paid up by a certain date. If things go south afterwards you'll have documentation to back up his so called intent.
This is a tricky spot you're in, there is no real way to "win" persay...you'll either get the car back and keep it, sell it, or make another bad decision and let him keep it and try to make the payments. Regardless...good luck to you!
The above method is a amicable method to resolve this, if it doesn't work well for you or he isn't willing to work with you then call the cops immediately and get the car off the road. They will NOT repossess it for you at that point, they will only go to the address where it is located/put out an APB to pull it over when seen.
Do NOT go with voluntary repossession (to the lien holder)....this will wreck your credit. Either keep it and make payments or sell it and pay off the majority of the loan/make a few payments to get it gone. You'll be happy you did so when it comes time to buy a new home/another car, etc.
2007-12-03 06:28:20 · answer #6 · answered by mrharris32 4 · 2⤊ 1⤋
A voluntary repossession is still a repossession. It will hurt your credit just the same. You failed to live up to the agreement you signed. This is going to be a hard and expensive lesson for you. Next time, find a guy with good enough credit to buy his own car. You're going to need it.
2007-12-03 06:23:34 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Superstar-Sin Cara Diva-Maria Kanellis
2016-05-28 00:25:37 · answer #8 · answered by ? 3 · 0⤊ 0⤋
I would call and have the car voluntarily repossessed. If they chose to repossess it your credit will be completely destroyed. Volunteer repossessions are still bad on credit but they say that it was your choice and you will be able to explain it to anyone looking at your credit. I would do that because you are responsible for the car just as much as he is, and any nonpayments or damage with negatively affect you. Good luck!
2007-12-03 06:19:39 · answer #9 · answered by Susan F 4 · 3⤊ 0⤋
call the cops and report the car stolen! They will pick him up and take the car into custody. Let him worry about the auto theft charge! He obviously had no intention of paying for it anyway.
2007-12-03 07:32:34 · answer #10 · answered by patrick b 2 · 2⤊ 0⤋