Ok, here is my problem. Stupid me co signed an auto loan for my now ex boyfriend. Well actually he is the co signer and I am the main signer. I had been at my employer longer than him and his credit was better than mine. So now we know where this is going to. First of all we got took bad by the dealership we bought the car from. Our loan ended up being $13,000 for a car that was on the lot for $5000 and now the car is only worth at least $3200. Since then we have of course broke up and he said that he would be responsible for the payments....HA! My credit is bad as it is already. I already have a reposession and a foreclosure on my credit report and I would like to purchase a house in the spring or at least try to. Can anyone give me any ideas or help? How can I get my name off a loan or let the creditors know what my situation is so it does not go against my credit report? Any help would be greatfully appreciated!!!
Thanks -
Bludolfin, unfortunately you are going to have to refinance the vehicle to get your name off of the vehicle, and put it solely in your ex's name. I have to warn you however, there will be a major cost involved if you do this. First off, the bank or other financial institution is going to see exactly what the vehicle is worth, according to the Blue Book Value. Next, they will get a pay off from your current bank or finance company, and based on the information you have placed in the forum, it does not look good. If the vehicle is only worth $3200 and you still owe $13,000, someone will have to come up with the difference before anyone will refinance this vehicle. Example: $13,000 - $3,200= $9800 (this is the amount that either you or your ex will have to come up with to make up the difference for the bank).
I hope this helps.
Good luck!