Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This happened to my dad. He cosigned a loan for his brother, brother quit making payments. My dad applied for a mortgage and also got denied due to the bad credit. He paid the debt in full, had a letter from GM outlining that he was just the co-signer and had made good on the debt (car was repo'd, sold and then there was an outstanding balance due).
Armed with the new info (letter from GMAC, satisfaction of the debt) the mortgage was written.
If you're on the title, no problem with picking up the car. But I'm betting the bank is on the title until the lien is satisfied. I know mine was, and when I PIF, the bank sent me the title stamped "Lien Satisfied". It was up to me to go to a notary and get my name put on the title.
If you approach the bank to get your name off the loan, who is going to be responsible for the payments? One, your ex couldn't get a loan on her "good" name. Two,she has missed payments. I doubt the bank is going to rewrite that loan with just her name.
In all fairness, it was your naivety that got you into this; don't compound it by trying to handle it on your own. Go to the lienholder and ask for their input. If they are unable to help, get thee to an attorney. Good luck.
Only way to get off the loan is pay it off! She can't take you off the loan. Only the finance company can do that and they are not going to remove someone. I'd contact them and see what you can work out with them. It won't be much. YOU signed and AGREED to be PERSONALLY responsible for the loan if she defaulted.....guess what.....it's your turn to pay! This is why you NEVER co-sign a loan unless you're married.
In the future, never co-sign. Lend them the money yourself or take out a loan in your name and give them the money; either way, get the property titled in your name only.
If you're the lender and they don't pay, you repossess/foreclose.
If you're the borrower and they don't pay you as agreed, you have the property AND your credit rating intact. Then you can sell the property without anyone's permission. No begging, no pleading, no unpleasant surprises when you want to borrow on your own behalf.
I wonder if you can payoff the loan and have the title sent to your address?
Then it's a matter of getting possession of the car but that can be done at anytime. You need to get this loan off your books before it affects your credit score even further.
I wonder if you can payoff the loan and have the title sent to your address?
Then it's a matter of getting possession of the car but that can be done at anytime. You need to get this loan off your books before it affects your credit score even further.
He's a cosigner, so even if he pays off the car, it's still not in his name. His ex's name is on the title as the owner, with the lender as the lienholder.
But a court could make the ex sign the title over to him, if he proves in court that he has paid "x" number of payments, and his wife has not paid and/or been late repeatedly.
He's a cosigner, so even if he pays off the car, it's still not in his name. His ex's name is on the title as the owner, with the lender as the lienholder.
But a court could make the ex sign the title over to him, if he proves in court that he has paid "x" number of payments, and his wife has not paid and/or been late repeatedly.
A cosigner's name CAN be on a title if that's how they want it to be set up initially.
OP hasn't said whether his name is also on the title.
is there anyway I can repo the car if I pay for the car? Or is this worth contacting a lawyer
Your responsibility is with the debt not the car. You mentioned that the ex handed over the car to someone else. I don't think that is legal either. You may want to call the bank and tell them the story.
so in other words, there is no way for me to successfully take her to court so she can just take me off that loan and/or co-sign paper? Or file a law suit against for what she owes if I started making payments?
Nope. The bank would never agree to that. They required a cosigner for a reason, even before the payments were late. If your name is the only name on the title/registration, you have more options. If both names are on the title/registration it's messy. If you're not on it at all there's nothing you can do aside from sue the ex directly.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
