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Breach of Settlement
Greetings,
Before my fiance got divorsed from her husband almost a year ago she (stupidly) co-signed his car loan. In their settlement it specified that in the event of a default (including a missed payment) he is required to take whatever steps nessasary to remove her from the loan to avoid her credit being damaged.
Today, she recieved a certified letter from the bank saying that the car had been repocessed. She never recieved so much as an email or a letter regarding this. She wants to know what her options are legally at this point. Can she sue him for breach of settlement? What can she ask for damage wise?
This is in Delaware btw
Thanks
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Re: Breach of Settlement
She can pursue whatever remedies were provided in her divorce judgment.
She should contact the bank to see if they will take her situation into consideration and not put the repossession on her credit report.
There is a good chance the bank or its collection agency will be attempting to collect the additional sums owed on the car loan, beyond whatever the car sells for at auction. They can collect that from either or both of the borrowers.