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Well, it seems this house loan is going nowhere. Unfortunately my EX GF stopped paying for the car and it dinged my credit to a 581.
Anyhow, that is the only fault in my history. She has been late 9 times this year with a few 90 days passed due. So, I am making it current now and paying for it..even though she is keeping the car and I can not find out where the car is.
anyhow, do you guys have any opinions. how long will this take? What should I do etc. As far as this car that is 90days passed due (which is no longer the case) is it better to pay it off in full or pay it monthly? Which would be better credit wise?
Your best bet is to pay someone to find the car and take it back. Do you know where she works? Just show up with your set of keys and take it. If the title is in your name its your car. If you don't have the keys just send over a tow truck to get it.
Then immediately sell it and move on. Pay off the loan with the money from selling the car.
If you're really interested in giving someone a free car and are really only concerned about your credit, then you're better off paying it off in full then "gifting" her the car. Then its done, the loan is closed, and in a year you might make up the difference on your credit. Plus then when the transmission falls out (or whatever) its her car and not yours. You have no more obligation.
Your best bet is to pay someone to find the car and take it back. Do you know where she works? Just show up with your set of keys and take it. If the title is in your name its your car. If you don't have the keys just send over a tow truck to get it.
Then immediately sell it and move on. Pay off the loan with the money from selling the car.
If you're really interested in giving someone a free car and are really only concerned about your credit, then you're better off paying it off in full then "gifting" her the car. Then its done, the loan is closed, and in a year you might make up the difference on your credit. Plus then when the transmission falls out (or whatever) its her car and not yours. You have no more obligation.
only problem is im in colorado but it can be shipped to me or my mom can do that for me. Only problem is, where can I find someone who can just tow the war and actually find it? So it would be better to pay it off? that is the quickest way to boost my credit
I'm not sure if keeping current on the payments is better than paying it off all at once.
You could contact your ex and tell her that she needs to get the car loan and the title in her name this week or drive it back to your mom's and you will sell it. Otherwise, you will report it stolen to the police and go from there.
If she is driving around a car that is still in your name, you are risking a lot more than a poor credit rating. If she doesn't have insurance and causes a wreck, the attorneys could well come after you.
1. Maybe your loan officer can run the two scenarios and give you a best guess.
2. I do not think you can report a car stolen that you have never had possession of.
3. Have you talked to this ex about the car?
4. Since you are on title, I would pay off the car, get the actual title and hold it hostage. She won't be able to sell or refinance without you. Ask your insurance agent if the same car can have to auto insurance policies.
Call the lender and offer to pay it off in full if they'll agree to remove it from your credit file entirely.
Credit score should adjust itself. Don't worry about who gets the car. You already let your ex have it and not make payments anyway. You'll have the title. You can deal with the car stuff later.
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I'm not sure if keeping current on the payments is better than paying it off all at once.
You could contact your ex and tell her that she needs to get the car loan and the title in her name this week or drive it back to your mom's and you will sell it. Otherwise, you will report it stolen to the police and go from there.
If she is driving around a car that is still in your name, you are risking a lot more than a poor credit rating. If she doesn't have insurance and causes a wreck, the attorneys could well come after you.
I'd just report it stolen.
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I would go this route too, saying it's been stolen. If you don't, you would probably spend just as much in fees paying for a PI to find it than you will with late fees and continuing to take the hit on your credit.
When my cousin stopped making payments, my uncle called me (hadn't talked with him in years) and asked if he could send me keys and would I find the car. I did, and it was actually fun driving off in her car. We contacted a shipping company who shipped the car back to him. If I get bored with Real Estate, I have a new career as a Repo person! It was fun hiding behind the fence, waiting until dark so I wasn't caught... it's about 15 years later, and my cousin still has no idea it was me who took her car.
I'm not sure if keeping current on the payments is better than paying it off all at once.
You could contact your ex and tell her that she needs to get the car loan and the title in her name this week or drive it back to your mom's and you will sell it. Otherwise, you will report it stolen to the police and go from there.
If she is driving around a car that is still in your name, you are risking a lot more than a poor credit rating. If she doesn't have insurance and causes a wreck, the attorneys could well come after you.
This would be my concern as well - legal ramifications if she is in or causes an accident. I wouldn't make any more payments.
Do you have any proof that she agreed to make the payments? Maybe consider small claims court - I've been a few times for tenant related things so I have to sit thru a lot of other peoples cases and 90% seem to be informal loans gone bad. Some places have a small claims advisor - free advice if you are considering or responding to a small claims case
Credit-wise sounds like paying off the loan and closing the account would help your credit rebound faster. I've paid off furniture for a former roommate and was pretty upset about it but in a few months your credit will increase. There is an option on CreditKarma that analyses what if scenarios on your credit report.
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