What should I do if I co signed on a car with my ex?

I’ve broken-up with my boyfriend-girlfriend, and my problem is I co-signed on a car for him/her. I’ve asked them to take my name off the loan and get the car under his/her own name. What should I do to avoid being taken advantage of? Is there anyway for me to get off the loan and make my ex boyfriend-girlfriend pay for the car themselves?

What to do if you are co signed on a car loan?

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: Refinance the loan. Sell the car. Trade in the car. Keep the car, make the payments, and pay it off.

What happens if you co sign on a 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: Refinance the loan.

Can a co-signer help you get a car?

For borrowers with horrible credit scores or no credit history at all, a co-signer can be a lifeline that allows them to get a car. A co-signer with excellent credit can help you get a car loan with a decent interest rate, rather than one with an extremely high interest rate and restrictive terms.

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 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.

What can I do if my ex-spouse gets a truck?

Your ex-spouse can apply for a new loan to pay the existing loan on the truck. Since the new loan does not have your name on the loan agreement, you are not responsible for the debt owed on the truck once the current loan is paid in full through the refinance.

What to do if your ex is stuck on a car loan?

Your options when you’re stuck on a loan with an ex: Keep the car, make the payments, and pay it off Let the bank repossess the car Most of these scenarios require your ex to co-operate with you at some level. If your ex isn’t willing to co-operate, there are some things you can try (see the last section).

What should I do if my ex can’t refinance my car?

If you prefer that your soon-to-be-ex keep the vehicle but you still want to be sure she pays for it, then you should pay for it. You could make the payments outright, as a monthly property settlement payment that is non-taxable income to her (and not deductible for tax purposes to you) or as alimony (that is taxable to her and deductible to you).

What happens if my ex has the title to my car?

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 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 you remove your name from a car loan?

Since both names are on the loan and the vehicle’s title, you’re equally responsible for the auto loan. The same goes for a possible default or repossession, which can drastically lower both of your credit scores. Good news, though – you can remove your name from the loan and get your name off the title.

Can you remove your ex spouse from your car insurance?

But because car insurance is essential to driving legally, removing your ex-spouse or their vehicle from your insurance policy is not allowed without their consent. 1 While this might be frustrating, it also could be a lifesaver for you. Make sure to know your rights — and that of your ex-spouse.

What happens to a cosigner when a car is Repo?

When you cosign on a car loan and the creditor repossesses the car, the car loan lender may be able to come after you for any deficiency (the amount left on the loan balance after the repo sale).

Can a cosigner collect a deficiency on a car loan?

The creditor might have waited too long to pursue you, violating your state’s statute of limitations. Your state may even prohibit deficiency judgments against cosigners on car loans. If the creditor violated these other laws, then it may be prohibited from collecting the deficiency from you.

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.

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

What happens when the person you cosigned for doesn’t pay?

If the borrower misses a payment or fails to repay the entire debt – no matter what personal promises they made to the cosigner – the cosigner generally is legally obligated to pay. As the Federal Trade Commission puts it, by backing the debt, you’re being asked to take on financial risk for someone else when a financial institution won’t.

Can a cosigner be released from a loan?

Sometimes, a lender may allow for a cosigner to be released from the loan agreement if the original borrower successfully makes a number of consecutive, timely payments.

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.

How do I get My Ex’s name off my Car title?

If her name is on the title, then the only way to get her off is to have her sign the title. As to the loan, you can only get her off by paying off the loan. * This will flag comments for moderators to take action. Your ex-girlfriend would need to sign the title over to you.

How do I get cosigner’s name off my Car title?

Co-signing for a loan is NOT co-ownership. If her name is on the title, then the only way to get her off is to have her sign the title. As to the loan, you can only get her off by paying off the loan. Report Abuse. Report Abuse.

How can I get a car title signed but never transferred?

The primary way to do this is to get on the DMV’s site and report the sale immediately. Make copies of the bill of sale, odometer reading disclosure, VIN number, and the signed-around title. You can then file these with the DMV through the mail or in person.

Can a spouse pay an ex spouse’s car loan in full?

You or your ex-spouse can pay the loan in full, thereby releasing your legal liability for the debt that you cosigned with your ex. Many states have equitable property division laws, which allow judges to divide marital assets and debts in a manner that may not be “even” but is fair.

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.

What happens if I let a friend Drive my Car?

If you gave your friend permission to drive your car, your car insurance would typically be deemed the primary coverage. However, since they also have car insurance, their insurance would probably be considered secondary coverage.

Is it okay to have someone else drive your car?

Usually, yes — your car insurance coverage should extend to anyone else driving your car. Think of it this way: the car insurance typically follows the car, not the driver. So if you lend your car to your best friend, your sister or even your second cousin, your insurance is most often the insurance that will pay in the event of an accident.

Is it okay to buy your ex a gift?

So it’s not about, “ Should you buy your ex girlfriend a gift if she is still talking to you ” or “Is it to give one last gift to your ex after your breakup,” all in order to make him or her feel good or to try and get a positive reaction from them.

What happens if I take out car finance for someone else?

The person responsible for repaying the loan does not have possession of the vehicle (because you have it), which leaves the finance company at greater risk of not getting its money back and not getting the car back.

What should I do if my wife stole my car?

File for divorce and a temporary order. Ask the court to make her give back the car. * This will flag comments for moderators to take action. Lawyers from our extensive network are ready to answer your question.

Is the ex responsible for the car loan after a divorce?

After you divorce, you might think that you own your car outright because the divorce decree states that you are the sole owner. However, your ex is still responsible for the debt if their name remains on the car loan.