Divorced with Questions

[Anonymous]

Okay, here's my situation...I was married in 2004 and now the divorce is almost finalized.  Before meeting Prince Charming my lowest score was somewhere in the high 700...775 or something...NOW, I pulled my Transunion's score and it is in the dumps - 608.   

The reason for this is my ex's car -- I co signed as his wife and now he's not paying for his car...he's basically unemployed now - was fired for embezzling and I caught him cheating with hookers and what ever else would look his way, so I cut my losses as soon as I found out and am trying to recover financially from this mess.   My husband also 'cooked' our books -- robbed Peter to pay Paul etc.  Upon separation, I took over the bills - because the majority of the stuff was in my name (because he couldn't get any-  THAT SHOULD HAVE BEEN A CLUE). 

Since, I have taken over the bills, they have not been late -- except for his car because I refuse to pay for it.  It is stated in a separation document that we each have responsibilities for and exclusive use of our respective cars -- but my name is on the loan    ! 

Other than paying for his car, what are my options.  I have been cooperating with Honda Finance, they know that I don't have access to the car, that we are going thru a divorce etc...I even at one point offered the car key if they wanted to repo the car.  The account is apparently even more deliquent now as my friends and family have been given messages for us to call.  I did call back - giving them two addresses where I thought the car was at.

HELP!

Message Edited by finallydivorced on 03-14-2007 11:07 AM

[Anonymous]

If they can find the car and resell it you will still be on the hook for the remaining amount of the loan, but that will be considerably less that the full amount. I would keep trying to help them locate the car 

[jbmello]

a repo is bad i went through the same thing with an ex girlfriend 10 years ago and I told them where the car was and they repoed it. it killed my credit. not only do you have the 120 days late. Now you have a repo default another huge ding for 7 years. then if you dont pay of the balence after they sell it cause they never get what the loan is for then they come after you again. then that went to a collection agency. so NOW i had three 7 years dings on my credit and to top it off i couldnt get another regular car loan for like three years because of the reposession. when I did they wanted 25 percent. SO My advice if you care about your credit is to pay up the 120 days to current and in a year or two in wont hurt you that bad but dont let them repo it. you dont want want the ding on your credit and possibly two if they come after you for the balance and dont pay that. I would take him to small claims and sue him for a judgement to sell the vehicle. my friend did that and won. the judge ordered her to give him the keys and he promptly sold the car.and saved his credit. you should be on the title. I HOPE U R.. also if he is not carrying car insurance and wrecks it or hurts someone they are coming after you and you house and whatever you have.. Pride wont go very far when you need a loan or try to buy a car or home later on. your credit is your responsibility not his.

[Anonymous]

this is not legal advice

Your divorce decree should specify that each of you are to execute whatever documents are required to re-title any joint property.  So, he should be required to re-finance the car to get your name off of the loan.  A divorce decree does not impact the nature of joint debt, and creditors normally don't care what the decree says.  So, tell him to re-finance and get your name off the loan.  If he will not - then take him back to court, get the car back, and sell it.

Whatever you do - get your name off the loan ASAP and make sure it is paid timely until then or else your credit will take a hit.

this is not legal advice

[Anonymous]

Brammy, JB and Dion,

Thanks for the advice and insight.  I just wrote an email to my attorney to find out if we could amend what we already agreed to - especially the refinancing of jointly titled property!

I appreciate the help!