Rebuilding Your Credit

[JonRun]

So my ex wife and I had a joint car loan through Wells Fargo. Our divorce papers stated that she would keep her vehicle and pay the note while I would keep my truck and pay the note. Well, she didn't pay hers and it got repossessed in October of 2010. Is there anything I can do to get this taken off my credit. I'm trying to buy a house and this is bringing my score down. Thanks!

[m29]

You can try!! How much is still owed for the repo? Can you pay it off? Or make arrangements for her to pay it? And then send GW letters for removal!

Unfortunately  creditors don't care what your divorce papers said if you are on the loan then you are equally responsible! I was in a similar situation recently, not a repo, but years worth of late payments almst repoed 3 times! Loan was finally paid in full and I begged the bank to remove the late payments because it was actually my wifes car in the separation, yet they never sent me notice of any lates or almost repos.. No dice, the Bank wouldn't do anything about it!

[js0319]

Is there a deficiency on the loan between the amount owed and the amount the vehicle was sold for at auction? If you still owe the deficiency, it will be tough as you are essentially asking the OC to forgive the debt. You might have better luck by GW'ing after the balance is $0.

[JonRun]

It doesn't show a balance. It just shows as charged off. I never got anything in the mail from them saying there was a deficiency. I'm pretty sure they sold it for at least the payoff as there was only one year left on a 5 year loan.

[pizzadude]

Since you were on the loan, the bank can still hold you accountable for the late payments and/or unpaid balance.    I agree that your best shot is to try to send a GW letter to them explaining the situation, perhaps they will help you out.