Additional repercussions with co-signing!

[laz98]

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@GregB wrote:

Wendy,

If you are listed as the "buyer" and she as "co-buyer" that might give you much more rights than just a co-signer on the loan. Next step would be to determine how the title to the vehicle is held. Texas is likely to be VERY different from my knowledge. I would be surprised if you could be a "buyer" on the contract and the vehicle was tiltled in her name only, at least originally.

You need to know how the vehicle is titled and then talk with someone in Texas that knows the law, which probably means paying a lawyer.

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in texas co-signers are on the title.  this is how my girlfriend's car title is filled out.

[Anonymous]

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@laz98 wrote:

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@GregB wrote:

Wendy,

If you are listed as the "buyer" and she as "co-buyer" that might give you much more rights than just a co-signer on the loan. Next step would be to determine how the title to the vehicle is held. Texas is likely to be VERY different from my knowledge. I would be surprised if you could be a "buyer" on the contract and the vehicle was tiltled in her name only, at least originally.

You need to know how the vehicle is titled and then talk with someone in Texas that knows the law, which probably means paying a lawyer.

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in texas co-signers are on the title.  this is how my girlfriend's car title is filled out.

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And this is why I couldn't buy a girlfriend for my girlfriend and I. I don't have a driver's license, she does. We were going to be buying it jointly, but the dealer explained to us that regardless of what we did I would be the person on the title and you can't register a car in this state without a driver's license.

Point being, I would be the one the car was titled to.

It should be a simple matter of calling the dealer you bought it from originally and asking them who it was titled to if you don't have the paperwork handy. If it's in your name you should be able to have it returned to you.

Worst case scenario you could report it stolen.

[GregB]

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And this is why I couldn't buy a girlfriend for my girlfriend and I.

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Worst case scenario you could report it stolen.

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I can think of many reasons why you "couldnt buy a girlfriend for my girlfriend and I".  Where is this girlfriend store?  And why does your girlfriend want you to buy her a girlfriend?

On the second topic. IF the registration works the same way as it does here then either owner can sell the vehicle.  Again, check with the laws in the appropriate jurisdiction.

[Edited to remove advice of questionable legality.]

Message Edited by Lel on 02-22-2010 09:10 PM

[laz98]

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@GregB wrote:

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And this is why I couldn't buy a girlfriend for my girlfriend and I.

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Worst case scenario you could report it stolen.

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I can think of many reasons why you "couldnt buy a girlfriend for my girlfriend and I".  Where is this girlfriend store?  And why does your girlfriend want you to buy her a girlfriend?

On the second topic. IF the registration works the same way as it does here then either owner can sell the vehicle.  Again, check with the laws in the appropriate jurisdiction.

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HA HA HA HA!  I was wondering who was going to catch this (& comment on it)!

Message Edited by Lel on 02-22-2010 09:10 PM

[WendyT]

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@laz98 wrote:

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@GregB wrote:

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And this is why I couldn't buy a girlfriend for my girlfriend and I.

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Worst case scenario you could report it stolen.

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I can think of many reasons why you "couldnt buy a girlfriend for my girlfriend and I".  Where is this girlfriend store?  And why does your girlfriend want you to buy her a girlfriend?

On the second topic. IF the registration works the same way as it does here then either owner can sell the vehicle.  Again, check with the laws in the appropriate jurisdiction.

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HA HA HA HA!  I was wondering who was going to catch this (& comment on it)!

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laz98,  I caught it, but didn't want to call you out on a typo..

Greg, et. al,

I don't know if I'm on the title, because the lender holds the title... Also, in order to sell, wouldn't both names have to be signed off on?

Y'all are very kind to help me

Message Edited by Lel on 02-22-2010 09:10 PM

[GregB]

A California Title for two people would say John Doe / Jane Doe. Either person could sign off, selling the car. RARELY, usually only when two people don't trust each other, it might say John Doe AND Jane Doe meaning BOTH have to sign.

Different states could be very different. Also, some lenders may hold the title until the loan is paid. This has become the norm where I have experience.

I'm thinking if the title can be signed off by either person, then either should be able to go to the lender and pay it off, getting the title. They could then legally sell it. If the loan value is way less than the car value, it might be worth it to someone to do that getting them the car below value and you off the hook for further damage to your credit. If the other person is not playing fair and is damaging your credit, it might be better to get nasty.

In the one situation where I tried to be fair and was on the title with another, I wish I had done that. I did know where the car was, which makes it much easier.

[Anonymous]

Talk about your strange copy/paste errors. LOL I meant car, of course.

[Anonymous]

I am not sure how you can go about handling the car loan. It is always a slippery slope when you get more than one person involved in borrowing money. I try not to lend money unless I know it is probably not going to be returned, and think of it as a gift to the person who is borrowing. If it comes back, great, if not, I can't be upset because it was a gift.

As for the FICO credit card problem, I had a similar problem like this due to a divorce and owning two properties with my ex that were over my debt ratio limits; therefore, the cc companies started lowering my limits just like you. I took quick action and went to credit solutions for help. They were able to lower all of my cc cards to 6.71% and close the many accounts that I did have and now i just make one payment and they take care of the rest until they are paid off. This is supposed to raise my FICO considerably since I had too many revolving accounts. I am going to be able to pay off the debt in a much shorter amount of time without ruining my credit. They have advisors who will help you decide what to do and how to do it.

[sgtm7]

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@Anonymous wrote:

I would find out where she worked and make an appointment to speak with her boss's boss.

I would bring documentation to show him.  At the very least it would show her how serious you

are about it.  She would definitely think twice about paying late again knowing that

her supervisor's know what is going on.  I would make her life as miserable as possible.  I would

let her know that I have her HR department's and supervisor's number on speed dial. 

It is amazing what a little "You better clean this crap up, I am tired of getting these

calls because you are a dead beat!"  That is just me though...not exactly the voice of

reason

Message Edited by swanky on 02-10-2010 06:05 AM

Message Edited by swanky on 02-10-2010 06:08 AM

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I wouldn't bother doing that unless the person was in the military.  Civilian employers would more than likely blow you off, and tell you not to come to the place of business again.  It is what I would tell them.  

[Anonymous]

If the title says "and/or" with both your names, you have the right to take possession of the vehicle, at least in Kansas you do!  I would think it's pretty much the same in Texas.  If that's the case, repo your vehicle and dispose of or keep it as you wish.  I had a similar situation happen to me, but I did not put her name on anything, or sign anything.  She did as I suspected and didn't pay me for the vehicle, I called the sheriff and they met me at her house and I repossessed the vehicle, problem solved.  OMG, she was angry, but she agreed to pay and didn't.