ex boyfriend not paying on out truck loan.. How do I get him off of the loan. Without going as far as REPO?
Thursday, September 29th, 2011 at
03:38
Question by screwed: ex boyfriend not paying on out truck loan.. How do I get him off of the loan. Without going as far as REPO?
i am the primary on the account... He is the co signer and he will not give up posession of the vehicle, ans has no credit or money to refinace. even though is is delinquent on the payments I have paid several for him(my own mistake) I was just wondering if there was a way i couild get him off and take posession of the truck!
Best answer:
Answer by jlf
Who is on the loan and who is the registered owner of the vehicle?
What do you think? Answer below!
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US $3,500.00
Tagged with: boyfriend • going • Loan • paying • Repo • Truck • Without
You will need to re-finance the loan.
Assuming that you are the co-signer of the truck:
As co-signer, you are in the back seat, but you absorb all of the risk should the primary borrower default. This is why co-signing is a lose-lose proposition. You can not force the primary borrower to refinance and you can’t force him to sell.
You can either make the payments yourself or allow the vehicle to get repossessed, which will ruin your credit, but it has already taken a hit if he is not paying.
Also note that if the vehicle does get repossessed then the lender can come after you for the deficiency balance of the truck. They have the option to take you to court and sue and if they win judgment and your state law allows, garnish your wages up to 25%, attach and levy bank accounts and attach your personal property.
I all depends who the truck is registered too. The loan is purely a financial document. It is who the bank can hold responsible for payments. It does not establish ownership.
If the truck is registered to you, then you can demand that he produce the truck. If he doesn’t, you can report it stolen and the police will take over. If it is registered to him, you made a very big mistake.
You are the primary, so go to the police tell them the situation and that it is primarily in your name and go get the truck