I was the co-signer…but we soon split up after it was purchased. I paid for the car we got…his pickup was repossessed.
Sell House Quick
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send a copy of the divorce decree to the creditors proving where he was awarded “custody” of this vehicle and they have to remove it!
You probably don’t. As a Co-Signer you agreed to take financial responsibility if the primary borrower fails to make payments.
Contact the company that loaned you the money, and see what they can work out with you. They are usually pretty agreeable to that. Maybe an affordable payment schedule.
Then, make the cost of doing this (Payments you make) part of the divorce settlement. If the divorce is already final, contact the attorney who represented you in the divorce, to see how to handle this or to get a judgement against your less than honorable Ex.
You really should have taken care of that in your divorce. Sorry.
Lenders do not care about divorce decrees. All they care about is getting their money. If you were the co-signer on your ex-husbands truck and it was repossessed, you are still on the hook for the balance of the loan the same as your ex-husband.
I loook at credit for a living and I see this every week. It’s sad.
What you should have done was make the refinance of the truck in your ex-husbands name only a part of your divorce settlement. Then you would be in the clear.
If you co-signed that means you were “equally” responsible for the acquisition & repossession of said vehical. Which means you should have really considered co-signing before you did. That might have to be a court issue. Did you say something while getting the divorce about the car/house assets? If not you might be stuck with it. As a co-signer you would have had legal rights to the truck IF it had been paid off so you’re stuck between the good & the bad of it. Sorry.
Oh, but you might want to also call the company that financed the vehicle. By now it’s been sent to a legal firm to collect funds on the car. Repossessions are messy messy things that can haunt you in ways you never dreamed. The company that handled my mothers, tagged her bank account & would randomly empty it whenever they felt like it & put a lean on her home until the debt was resolved. SO you might want to contact them & see if they can do ANYTHING to remove you from it. IF THEY DO GET IT IN WRITING & SEND THAT TO YOUR CREDIT REPORT BUREAU so they can properly make the correction.
Hope that at least helps.
You can’t. Because you co-signed the loan, you are ultimately responsible for the payments if they default. This is why co-signing is so darn risky.