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  1. #1
    Join Date
    Apr 2014
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    Default Cosigner Failing to Make Payments Car is Going into Repossession

    My question involves an auto loan or repossession in the State of: Georgia
    My wife is primary signer on a cosigned car loan in Georgia. The ex has been repeatedly late and destroying our credit. It is now about to go into repossession status in the next 10 days. We have asked him to sign the vehicle over to us and we will pay it off and take our losses. He is unwilling to do so. How do I go about solving this. He doesn't understand that the car is gone in 10 days. He can either turn over the keys and sign the paperwork for us to remove his name or have it repoed? Is there any legal means to make this happen? Thank you in advance.
    PS: the bank is not interested in helping or offering us a chance to reaffirm. Which I find odd since the value of the vehicle is way below the loan balance.

  2. #2
    Join Date
    Sep 2011
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    OH10
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    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    Generally, a lender will work with you to repossess, obtain title and resell you the vehicle. Saving you the suit for balance. Otherwise, you can bid and buy it at auction for up to the balance owed plus repo and auction expenses. If it sells for more, you would walk away clean anyway.

  3. #3
    Join Date
    Jan 2006
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    38,867

    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    My wife is primary signer on a cosigned car loan in Georgia. The ex has been repeatedly late and destroying our credit.
    so why isn't your wife, the primary borrower, paying the loan she owes for? Is there something you didn't include in your post that would show a reason your wife shouldn't be paying for the loan?

  4. #4
    Join Date
    Jan 2014
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    118

    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    Quote Quoting medets
    View Post
    My question involves an auto loan or repossession in the State of: Georgia
    My wife is primary signer on a cosigned car loan in Georgia. The ex has been repeatedly late and destroying our credit. It is now about to go into repossession status in the next 10 days. We have asked him to sign the vehicle over to us and we will pay it off and take our losses. He is unwilling to do so. How do I go about solving this. He doesn't understand that the car is gone in 10 days. He can either turn over the keys and sign the paperwork for us to remove his name or have it repoed? Is there any legal means to make this happen? Thank you in advance.
    PS: the bank is not interested in helping or offering us a chance to reaffirm. Which I find odd since the value of the vehicle is way below the loan balance.
    I suspect that this was a joint purchase pre-divorce giving meaning to your wife being designated as a "primary signer". Is it possible that the loan and vehicle were assigned to her ex-husband in their divorce?

    If so, it might be well to examine the contents of the decree to see what if any recourse she has in that direction. None of which would of course affect the lender. But if the vehicle was once owned as marital property and the divorce decree did not specifically transfer her ownership interests over to the ex, it maybe that they continue to own the vehicle jointly. And as joint owners she would have equal rights of possession.

    I'm not at all familiar with Georgia's commercial laws, but if the vehicle is only titled in her ex husband's name it might be maintained that she only guaranteed the loan. Which might entitle her to pay off the loan and be subrogated to the security rights of the lender. These are just some thoughts, however. Not to be taken as legal advice. For that you will need to consult with a Georgia attorney acquainted with those laws.


    be maintaine

  5. #5
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    Jan 2006
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    38,867

    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    Ya, some of those thoughts are what I suspect are in play but the OP really did leave all those details out of the picture when asking for advice. They are important if they want any sort of answer that means anything.

  6. #6
    Join Date
    Apr 2014
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    2

    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    Sorry, I will try to explain. It is not an ex husband but an ex boyfriend. She is the primary signer on his loan. He has repeatedly been late paying the payment. The bank that has the loan is in the final process of repossessing the vehicle. We have asked him to sign the vehicle over to us and we will pay off the loan and sell the vehicle. Or he can let it get repossessed. We are not interested in getting him caught up on his late payments and letting him keep the vehicle. Legally, since she is on the title, can I call a tow truck and have it towed to the closest Nissan store so I can get a key made and then pay off the vehicle and put the responsibility on him to sue us to get it back. The bank is not interested in letting us reaffirm or buy it out of repo status. We do not want the vehicle we want it to go away. I am in the car business and will take approximately a $5000-$8000 hit to sell the vehicle (it is way upside down) It just seems that in this case who ever has possession of a vehicle titled in 2 names has the control regardless if they are meeting their terms of the loan.

  7. #7
    Join Date
    Jan 2006
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    38,867

    Default Re: Cosigner Failing to Make Payments Car is Going into Repossession

    so tell me again, why is she not making the payments on her loan?

    You make a great argument for why she should not pay his loan but what about her loan? Your wife's credit is her responsibility so if she fails to make payments on a loan she signed for, it is going to effect her credit history negatively.

    how is the car titled: and or or?

    You do realize that once the car is repo'd and sold, the lender can come after your wife or the ex for the loss, right?

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