Results 1 to 6 of 6
  1. #1
    Join Date
    Jun 2013
    Location
    levittown Ny
    Posts
    6

    Default Co Signing Car Loan for Ex Boyfrriend

    My question involves collection proceedings in the State of: ny I have broken up with my ex boyfriend 6 months ago. Last November I stupidly co signed for an auto loan for 18,000 dollars. He since paid every month mostly on time, a couple of times i had to track him down. Since he is a nomad and sometimes is out of work I have a feeling he will be late this month. By the way he is under my car insurance too. Thank god I have him listed as the driver.Just in case he does anything bad,he will be legally responsible. My question is this. Im sure in a couple of missed monthly payments the vehicle will be reposessed . My fear is what if I'm not in touch with him by then (he is very untrustworthy and drinks) and what if I dont know his whereabouts, Can I involve the police somehow to find the vehicle?

  2. #2
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: Co Signing Car Loan for Ex Boyfrriend

    Who actually owns the vehicle? (As in, who is on the title?)

  3. #3
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Co Signing Car Loan for Ex Boyfrriend

    If you are only a cosigner on the loan you are screwed.

    If you are named as an owner on the title you have as much right to possession of the vehicle as he does and you can go get it any time you want.

    But the police aren't going to help you because no crime has been committed. It's a civil matter between you and your ex.

    Guess what. If the car gets repossessed your credit gets trashed. I'll bet the late payments are already on your credit reports and have lowered your score a bit. Count on more of that.

  4. #4
    Join Date
    Jun 2013
    Location
    levittown Ny
    Posts
    6

    Default Re: Co Signing Car Loan for Ex Boyfrriend

    i am on the title

  5. #5
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: Co Signing Car Loan for Ex Boyfrriend

    Phew. I was concerned for a sec.

    Okay, follow AJ's advice

  6. #6
    Join Date
    Jun 2013
    Location
    levittown Ny
    Posts
    6

    Default Re: Co Signing Car Loan for Ex Boyfrriend

    actually there are no late payments yet. I just know his behavior is getting worse(already six days late on car insurance payment. I totally understand about the trashed credit after repossesion and possibly a judgement against me if the car is sold at auction and they didnt recoup the full 15000 dollars. my question is what can I legally do if they want to repossess car and I dont know where it is?

    - - - Updated - - -

    ok its a civil matter then. thank you. So how do I go about that?

    1. Sponsored Links
       

Similar Threads

  1. Sales Agreements: Signing Loan Documents Wiithout Taking Possession
    By justtoonice in forum Cars and Dealerships
    Replies: 3
    Last Post: 12-31-2011, 01:16 AM
  2. Replies: 3
    Last Post: 06-19-2011, 05:55 PM
  3. Replies: 2
    Last Post: 01-28-2011, 09:10 AM
  4. Loan Agreements: Unpaid Loan for Purchase of Property - What are the Rights of a Loan Holder
    By issues1 in forum Debts and Collections
    Replies: 1
    Last Post: 12-07-2010, 11:09 AM
  5. Co-Signing for Adult Son's Car Loan
    By Nanner in forum Vehicle Registration and Title
    Replies: 1
    Last Post: 03-30-2009, 09:28 PM
 
 
Sponsored Links

Legal Help, Information and Resources