
Quoting
nsm
My husband’s ex-wife was unable to get the vehicle she retained financed into her name. As part of the decree, my husband agreed to allow the vehicle to remain in his name; she would continue making payments but if she fell more than 30 days behind, he could take possession of the vehicle. If she finished payments as scheduled, he would sign the title over to her after the final payment.
It is time for the final payment; but it is significantly more than a regular payment due to deferments made on the loan over the life of the loan. We received a letter about it and once we confirmed that it wasn’t an error, we notified her. She was to try to get a loan on her own to make the payment but to date, she hasn’t secured anything and has stopped communicating regarding the issue. In a few days, she will be 30 days behind with no plan on how to take care of this. My husband just recently (as in a few months) got his credit into a good place and is concerned that this will ruin him if it goes too far; so he intends to pay the final balance but is concerned that we would never see this money unless we take the vehicle.
So a few questions: 1) Is it as simple as going to get the vehicle or is there some protocol that needs to be followed? Do we need to send some type of demand letter prior to doing so? 2) Do we have ANY other options besides taking her vehicle and completing the payments? I would prefer something less drastic than that. 3) If we were to agree to notarized payment plan with her, what provisions would we need to make sure were included?