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

[Jblue]

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.

 

[Gaffer1968]

I'd be looking for another truck/car I could buy by myself, frankly. And let her take the hit on the repo when she can't make up the arrears she co-signed for... You'd get hit on your credit, too, but hopefully you'd have something at least to drive by then...

 

[Just1more]

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.

Co-signing doesn’t make her co-owner. Just legally responsible for the financing if the owner doesn’t pay.

 

[OttoMan]

Co-signers are owners as well… If bill is not paid both will be going to the collection agency and will have bad credit reported…

Editing: I agree with Just1more post right above here. Financial responsibility are the same…

 

[gtrjunior]

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.

 

[BillsCamino]

Is the vehicle's registration in both y'alls name ???

 

[Swede]

Several months behind and the finance company hasn't contacted you? You are both equally responsible for the loan if both of you co-signed for the loan, doesn't matter who's name is listed first. Call the lender

 

[Jblue]

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.

 

[gh1950]

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.

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.

 

[gh1950]

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.