Car Loans-Co Borrowers

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charlesctygal

New Member
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?
 
R

red_explorer

Well-Known Member
tommyjones said:
or.... you can let him keep it, promising to make payments, and go on judge judy sometime next year after its repo'ed :coffee:
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:yeahthat:

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.
 
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USWWarrior

It's a Jeep thang!
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

AiryT

New Member
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.
 
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charlesctygal

New Member
USWWarrior said:
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?
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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.
 
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sccrmommy

New Member
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

tommyjones

New Member
charlesctygal said:
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.
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cheater?
 
nobody really

nobody really

I need a nap
charlesctygal said:
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?
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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.
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
charlesctygal said:
I want him to have a car though
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Stop that. His transportation is NOT your problem, just like his child is NOT your problem.

If he can refi the car and keep it, great. If not, and you are the primary owner, then you need to get that car back in your possession and try to get rid of it.
 
nobody really

nobody really

I need a nap
AiryT said:
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.
Click to expand...


If you do this, take possession of the vehicle and take his name off the title and registration.
 
nobody really

nobody really

I need a nap
vraiblonde said:
Stop that. His transportation is NOT your problem, just like his child is NOT your problem.

If he can refi the car and keep it, great. If not, and you are the primary owner, then you need to get that car back in your possession and try to get rid of it.
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listen to vrai - you want him to have a car for what? tote his girlfriends around? get drunk, have an accident, and because your name is associated with it on the title and registration and insurance, you will be held accountable.
 
nobody really

nobody really

I need a nap
charlesctygal said:
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.
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and yet you want him to have a car? girl, look out for yourself. ####heads are like trains, another one will come along. only don't cosign anything for them
 
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charlesctygal

New Member
I called the finance company, i may be refinancing the vehicle in my own name. waiting for approval. does anyone know, if both of our names are on the title, would he have to sign it?
 
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USWWarrior

It's a Jeep thang!
vraiblonde said:
This an excellent point and worth repeating.
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Yes it is.....I did not think about that when I went thru my divorce. She made the payments, so I just let it go.

Try selling the car on SOMD.com...see if you get a buyer that will take over the loan.

I also agree, if he is being a d*ck...then it is time for you to turn into superb*tch...
 
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