My boyfriend's car is in my name and we broke up and he decided note to pay anymore
2007-12-18 02:41:06 · 11 answers · asked by charise j 1 in Cars & Transportation ➔ Insurance & Registration
You are the legal owner of the vehicle, and you are responsible for all the payments, insurance and tags on the car. If your name is the only one on the car, you also have the full and complete right to possession of the vehicle. If he refuses to return the car to you, that is considered larceny after trust!
The first thing to do is to go get the car! You may want to take the police with you, unless his name is also on the car, he has no right to keep it!
Your next step will depend on the value of the vehicle, and the amount owed! If you owe less than the value of the vehicle, sell it and use the proceeds to pay off the loan! If you owe more, you will have to come up with the difference in cash to sell the car.
If you have another car that is paid off, or you owe less than the value, you could sell that car, and keep the car your boyfriend had as your own vehicle!
2007-12-18 03:16:12 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Credit wise, you can either continue making the paymetns so your credit doesn't get ruined, or let it go and your credit is affected if he doesn't make the payments.
Is your name on the title as well? Or just as a co signer? If your name is on the title, then you may have some rights to take the car depending on the state you live in. If your name is NOT on the title, you may well find yourself having to file a civil suit in an effort to recoup your losses.
Contact a local attorney and give him the scoop, he/she can better explain your options
2007-12-18 10:46:10 · answer #2 · answered by Michael H 7 · 3⤊ 0⤋
the car is in your name, so you are the one held responsible for the remaining balance. There really isn't much to do but pay what is owed. You could trade it in for something less expensive if making the payment now is an issue.
2007-12-18 10:46:23 · answer #3 · answered by Anonymous · 3⤊ 0⤋
Bummer. The car is in your name. You will have to pay the note.
You could tell him you want the car back, and file theft charges against him, but they won't stick - he didn't steal the car, you GAVE it to him to drive.
YOu can stop paying the note, and the car can get repo'd, and they'll send you a bill for thousands of dollars (loan balance, repo charges, less whatever it brings at auction), OR, you can keep making the payments.
That's it.
ANd it's a good lesson - never buy something on loan, for someone you're not married to.
2007-12-18 10:44:50 · answer #4 · answered by Anonymous 7 · 0⤊ 4⤋
Reasons why you should mix your fairs until married.
If the car is in your possession, then you can start paying for it. You can sell it. You can return it to the loan company (but you will suffer credit blow).
If the car is NOT in your possession, then you will have to contact the loan company and work out a deal with them. Your credit will suffer if they reposses the car, but at least you can get it done early instead of later (when your credit will be in worse shape). That all depends on what the loan company is willing to work out.
Good Luck.
2007-12-18 10:44:08 · answer #5 · answered by Lover not a Fighter 7 · 1⤊ 3⤋
If his name is also on the car then go to where ever it is that the car is financed, tell them that you want your name removed from the loan, depending on where you live, it will cost you anywhere for 200-450 dollars, but well worth it, otherwise your credit will suffer a big drop. If his name is not on the car and he has possesion of it, call the police, report it stolen, once you have the car back, sell it for what you owe on it, but continue to make the payments until said vehicle is sold.
2007-12-18 10:55:45 · answer #6 · answered by rouschracefan6 1 · 0⤊ 4⤋
Then after 3 missed payments the company will come and take your car away. Since you are BOTH on the account, you are just as much responsible as he is. This will ruin both of your credit. If the car is paid off already, the car is YOURS and you have to pay insurance.
2007-12-18 10:44:51 · answer #7 · answered by Jen 3 · 0⤊ 4⤋
It is your car(except for the amount that hasn't been paid - so really it is the previous owners car until it is all paid up. You have to pay up. But, you can turn around and sell the car too after you actually own it.
Or you could sell it to someone else for the money you invested and have them assume the payments to the original owner.(or bank)
2007-12-18 10:47:31 · answer #8 · answered by Anonymous · 0⤊ 4⤋
If you cosigned on a loan and the principal borrower stops paying, then you must pay. Otherwise, your credit will be ruined.
2007-12-18 10:43:33 · answer #9 · answered by kja63 7 · 2⤊ 2⤋
If you cosigned, you will be liable to make the payments. Never enter into an arrangement like that, especially with a boyfriend.
2007-12-18 11:33:48 · answer #10 · answered by Scott H 7 · 0⤊ 3⤋