What should I do if I co signed with my ex?

What you need: An ex willing to sign documents, and also willing to find their own transportation (assuming they’re driving the car). Trading the car that’s co-signed in for a new car is another option. If you already have a car, you can trade in both your car and the ex’s car and buy one car to replace them (a “two for one” trade, if you will).

What happens when you co sign a car loan with an ex?

Obviously, no one co-signs thinking the other person on the loan is going to be a an “ex” at some point in the future. When that changes, finances can suffer. Still, the good news is that you can usually get you or your ex off a co-signed loan. Your options when you’re stuck on a loan with an ex: Keep the car, make the payments, and pay it off

What can I do if my ex won’t sign my car?

If you can’t hire a lawyer, try checking with your local legal aid office. Free legal aid is available in most places, and is based on need. What you need: A willingness to sacrifice your credit rating. If your ex isn’t willing to sign any documents, and/or refuses to surrender the car, this is an option.

What happens if I Sell my Car with my ex?

The lender will take back the car, sell it at auction, and then file a judgment against both you and your ex for whatever loss they incurred, as well as all their various fees. You can expect a charge of $5,000 plus on your credit. Still, if you can’t get your ex to “play ball,” this may be your only option.

What happens if I give My Ex my Car?

If you hold the loan, it’s the bank’s car, with the expectation that they will turn the title over to you when you finish paying off the loan. If your ex’s name is on the title and yours isn’t, or on the loan and yours isn’t, it’s her car, regardless of who paid for the license plates.

Can a bank turn a car over to an ex?

If you own the title, it’s your car. If you hold the loan, it’s the bank’s car, with the expectation that they will turn the title over to you when you finish paying off the loan. If your ex’s name The registration can be in a different name than the title is.

What happens if I cosign on my ex’s truck?

If you cosign on your ex’s truck, you are legally liable for your ex’s truck payments until your obligation to the lender releases the loan. When you cosign a truck loan or other vehicle loan, you agree to be responsible for the payments on the loan if the other person stops making payments for any reason.

Can a cosigner of a car loan take over?

The cosigner then is obligated to make payments until the debt is paid when the borrower can’t. Co-signing a loan is risky for the cosigner, because it can affect the cosigner’s credit if the borrower doesn’t satisfy the debt and the cosigner has to take over.

How can I remove a cosigner from my car loan?

Though it’s a bit of a roundabout way by refinancing the loan, it can effectively remove a co-signer in the event it becomes necessary. This process involves taking out a new loan for the remaining loan balance, either through a separate loan from the same lender or by transferring the balance to a new loan from a new lender.

Can a friend cosign a car loan for You?

Sometimes, a parent or a friend cosigns a loan for someone else who isn’t able to get a car loan on their own. Either way, even though you might start these relationships and loans with the best of motives, sometimes those intentions head south. And when they do, you might be wondering how you can get out of that cosigned or co-borrowed auto loan.

Who is willing to mediate between ex boyfriend and girlfriend?

You and your ex have a mutual friend or acquaintance that might be willing to mediate. Maybe it’s one of your ex’s parents, their boss, their current girlfriend or boyfriend, etc. These people all have a vested interest in your ex’s happiness and financial situation.

What happens if I cosign with my husband?

If Fred is your husband, and you cosign on a loan with Fred, but then get divorced, you are still on the hook for the loan. Simply divorcing Fred does not release you from your obligation. Third, prenuptial agreements and divorce proceedings will not alter your relationship with your lender.

Can a co-signer of a student loan be released?

Some loans (private student loans, mostly) have programs that will allow a co-signer to be released from his or her obligation after a certain number of consecutive on-time payments have been made. But in most other cases, such as car and mortgage loans or credit card balances, it’s not that simple.

Can a parent co sign for a child?

A recent survey by CreditCards.com showed that one in six adults say they’ve co-signed a loan or credit card for someone else — most often to help a child or stepchild buy a car. As a parent, you may have the best intentions when co-signing for a child on a loan, a credit card or an apartment lease.

Can a cosigner be released after a divorce?

When you and Fred get divorced, even if the divorce court says that Fred is responsible for paying off his student loan, you are not released as the cosigner. So, even if your ex is legally required to pay the debt, your credit can be affected if he fails to do so.