Need some help. Cosigner/coborrow/coowner??Any car/bank/legal guys?

[ne ga pappy]

Anyway, back to the OP, being a co-signer does not automatically make you co-owner. Ask anyone who ever cosigned for their kid and the kid defaulted,

BUT for adults, it usually is the case that both are co-owners of the vehicle. Likewise, they are both owners of the indebtedness, meaning both are liable for the full amount of the indebtedness. Who get the car and who gets the debt are decided by the parties in the divorce proceedings, (or the court). BUT, AND THIS IS REALLY REALLY IMPORTANT = that agreement is NOT binding on the creditor. Meaning if she agrees to pay the loan off, and defaults, the creditor can come after you for the entire balance. Cry all you want "she agreed to pay it" and the creditor will tell you it doesn't care.

The only way to completely deal with the debt is to pay off the loan and refinance, or get the creditor to release one of the parties, which is very unlikely.

yep. have her go to the bank and refi it in her name only. If you need to pay a few thousand to make it happen, do it. It will be cheap for you in the long run.

Having said that, you probably have a lot more unknown debt hung over your head that you don't even know about yet. I hope you don't, but you really ought to be expecting it.

 

[Cadcom]

Trying to adress all replies without linking everyone. I have a car that I own. This car was a Valentine's Day present for her that she used to see her Jodi. Some people say that cosigner is coowner. I am waiting to see about registration and from lender. I DO NOT want my credit affected. My Credit is great. But I'm on my own now. God forbid I need something and I'm a single head of household with a 4/5 hundred. That would bury me. Thank you all for your responses. I confronted her some time ago. As of 9/1 she left the kids, the cat and the bills. Strange how things work sometimes. Divorce was uncontested and parenting plan/custody agreement also.

Man I feel your pain. I went down that road about 10 years ago. Get through all this initial BS and you can look forward to really having some great times with your kids and raising them the right way. (It's tuff, but rewarding). I will add one thing - if you are staying in the house and she is on the loan you need to have a quit claim filed asap. That way she cannot try to borrow against the house or do something stupid and someone sue her and go after any equity in the house as settlement.

 

[Sneakypete]

When I got divorced, I was told that a car is personal property and not a marital asset. Who ever takes the car in the divorce also take the payment/debt with it.
I’d let the car go with her and get that mess off your back. Do yourself a favor and do your best to take as little debt with you as possible. I know that sounds like a no-brainer but make sure you make her provide a receipt for every penny she tries to put on you.
My ex had 36K in credit card debt I didn’t know about. She couldn’t prove that any of it besides $2500 was marital debt. She got stuck with almost all of it.

Good advice

 

[Bypass]

Trying to adress all replies without linking everyone. I have a car that I own. This car was a Valentine's Day present for her that she used to see her Jodi. Some people say that cosigner is coowner. I am waiting to see about registration and from lender. I DO NOT want my credit affected. My Credit is great. But I'm on my own now. God forbid I need something and I'm a single head of household with a 4/5 hundred. That would bury me. Thank you all for your responses. I confronted her some time ago. As of 9/1 she left the kids, the cat and the bills. Strange how things work sometimes. Divorce was uncontested and parenting plan/custody agreement also.

When I see this I'm glad I never had kids or got married. I don't know what you are going through but I feel for you man.

Talk to an attorney or call the police and report the car stolen. Hopefully she will be with her knew bo when they get arrested.

Either way get the car back and sell it to a dealership. They gave me good money for my truck recently.

 

[MrJim]

Man I feel your pain. I went down that road about 10 years ago. Get through all this initial BS and you can look forward to really having some great times with your kids and raising them the right way. (It's tuff, but rewarding). I will add one thing - if you are staying in the house and she is on the loan you need to have a quit claim filed asap. That way she cannot try to borrow against the house or do something stupid and someone sue her and go after any equity in the house as settlement.

This is true. Been there done that. Divorce sucks but once you get through it life gets so much better. Good luck and look forward to much better days ahead.

 

[gtrjunior]

That is so wrong, you should hire someone to beat up whoever told you that.

Most marital assets are personal property.

As to whoever takes the car being responsible for the debt, not even close to being correct.

Well, since my divorce went down exactly as I described it I’d say my lawyer, her lawyer and the judge know more than you.

 

[fattboyzz]

Sure hate to hear this ;(

 

[C ountry]

Mrs. and I are going separate ways. Go to check on things and car note is several months behind. So were the utilities but I digress...

Question is...Dealership says she is "Cosigner", which makes her "coowner". Is this true? What rights do I have to get off the loan/car? What rights do I have to the car? Someone please help a brother out here.

Just let attorney & court handle this. If you do it yourself you'll get shafted in the end.

 

[Gaffer1968]

Mrs. and I are going separate ways. Go to check on things and car note is several months behind. So were the utilities but I digress...

Question is...Dealership says she is "Cosigner", which makes her "coowner". Is this true? What rights do I have to get off the loan/car? What rights do I have to the car? Someone please help a brother out here.

The owner of the car is whoever's name is listed on the title (once any liens are removed after payoff).

 

[moosensquirrel]

From what I have seen, divorce cases are never settled until both parties are broke from their attorneys sucking the last ounce of blood from their clients. If there are no children involved, any physical-monetary assets can be replaced later.

"Scorched earth" may be a possible strategy in the current environment.