I am currently separated from my husband (not legally) and the only item we have is one vehicle which is in his posession and he makes the payment (I am the Co-Owner of the vehicle). Today I got an alert that he missed a payment and my credit score went down 48 points as a result.
My question is.....if he misses the payment again can I take possession of the vehicle and resume the payments if they start the process of repossession. He missed a 2 payments last year, one this year in January and one for this month. I asked him if he was not able to make the car payments that I would gladly take it over but of course he was angry at that Idea. I am really trying to figure out what I can do and avoid my credit which I worked so hard on to crash because he is not paying on time.
Any help would be greatly appreciated.
FICO Scores:
You won't have any more right to the vehicle than the lender. I'd look into getting the vehicle refinanced into just his name because it seems like he wants to keep it instead of it going to you at all.
as of 1/1/23
A friend told me the same thing! thank you
@ccquest He would have to refinance it in his name correct? meaning I couldn't refinance as co-owner for him?
Since you're separated and I'm sure both of you are aware of that, I would stay away from doing anything in his name even if you legally could since you're married (probably varies by state). He would have to do it on his own.