Car Loans-Co Borrowers

[charlesctygal]

My fiance and I obtained a vehicle together this past spring, and now we are separating. I know, it was not a smart thing to do considering we were not married. I was the primary account holder and did not need a co-borrower, but we put him on there anyways. We are in dispute now about what to do. We owe alot more on this vehicle than what it is worth, so it would be hard to trade it in. He wants to keep it and make payments, but I am scared he will fall behind or just not care. I want him to have a car though, and i already have one of my own in my sole name. Question is, could I take him off of the loan, since I did not a co-signer at first anyways? Or would i have to refinance in my sole name? ANy suggestions?

[Chasey_Lane]

I vote for calling the company you have the loan with to speak with them about the situation.

[tommyjones]

or.... you can let him keep it, promising to make payments, and go on judge judy sometime next year after its repo'ed

[red_explorer]

Originally Posted by tommyjones

or.... you can let him keep it, promising to make payments, and go on judge judy sometime next year after its repo'ed

You are on the hook for the loan if he doesn't pay it, even if he has the car. Unless he has the credit now to have your name totally taken off the loan, which is unlikely.

[USWWarrior]

Chasey Lane is right, call the bank... but something tells me they are going to say, "sorry, you are responsible".

Options- Take your chance and let him see if he is an honest man by taking payments over.

One of you re-finance to take the other's name off the loan.

Draft a legal-binding document (drafted by lawyer, notarized, etc) outlining he will keep car and make payments. The first time he defaults and you are stuck with a payment, or your credit report has a late payment noted by the bank that you will take ownership of car and he will agree to sign over if you sell it.

Sell the car and someone eats the "upside value".

I am a little confused. Is this fiancee the same man you married with the 4.5 yr old brat?

[AiryT]

I had this problem when I divorced my first husband. You are on the hook, they will not take your name off the loan even if he has possession of the vehicle. Your only recourse would be to have him refinance in his name only or you refinance in your name only.

[charlesctygal]

Originally Posted by USWWarrior

Chasey Lane is right, call the bank... but something tells me they are going to say, "sorry, you are responsible".

Options- Take your chance and let him see if he is an honest man by taking payments over.

One of you re-finance to take the other's name off the loan.

Draft a legal-binding document (drafted by lawyer, notarized, etc) outlining he will keep car and make payments. The first time he defaults and you are stuck with a payment, or your credit report has a late payment noted by the bank that you will take ownership of car and he will agree to sign over if you sell it.

Sell the car and someone eats the "upside value".

I am a little confused. Is this fiancee the same man you married with the 4.5 yr old brat?

He was my fiancee when we bought it, we are now married. I called the finance company, they said I could either refinance through a bank, or trade in teh vehicle and that they would tack on whatever is left owed on the vehicle after the KBB value and add it to the price of another car. Yuck! I may talk to him about doing some sort of agreement like you mentioned. Right now he wont even speak to me, each day it gets worse, like I am the total bad guy.

[sccrmommy]

Call the finance company and have them do a refi into his name only. If he refuses to sign the paperwork call them and tell them you want to do a voluntary repo and then give them the location of the vehicle. If he wants to be a d*ck and not sign to refi then you can be an even bigger b*tch and take it away from him!!!

[tommyjones]

Originally Posted by charlesctygal

He was my fiancee when we bought it, we are now married. I called the finance company, they said I could either refinance through a bank, or trade in teh vehicle and that they would tack on whatever is left owed on the vehicle after the KBB value and add it to the price of another car. Yuck! I may talk to him about doing some sort of agreement like you mentioned. Right now he wont even speak to me, each day it gets worse, like I am the total bad guy.

cheater?

[beachcat]

Originally Posted by charlesctygal

My fiance and I obtained a vehicle together this past spring, and now we are separating. I know, it was not a smart thing to do considering we were not married. I was the primary account holder and did not need a co-borrower, but we put him on there anyways. We are in dispute now about what to do. We owe alot more on this vehicle than what it is worth, so it would be hard to trade it in. He wants to keep it and make payments, but I am scared he will fall behind or just not care. I want him to have a car though, and i already have one of my own in my sole name. Question is, could I take him off of the loan, since I did not a co-signer at first anyways? Or would i have to refinance in my sole name? ANy suggestions?

went throught this when i divorced. I had to refinance the car note to have his name removed. Also, I had to take his name off the title and the insurance. In the event of a lawsuit, they can go after whose name is on the title.