Co-signed on car for ex and now want off car title and loan

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jdjend

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Hello,

I live in Chicago, IL. And, last year, I ended a 7-yr relationship with my ex-boyfriend. During our relationship, I co-signed on a car for him since his credit was bad. Mine is very good. As a result, I am the primary person on the loan and on the title. Since our break-up, I have asked him to remove my name, but he keeps putting it off. His credit is poor and he refuses to bring anyone else into the situation. To be proactive, I have asked his father to be the new co-signer on the car loan, but he has not done anything either. I have considered selling it, but he is upside down in the car loan (the car is worth $20K, but the loan balance is $30K).

What are my options at this point? Can I take legal action?
 
I'm not aware of any viable legal options. I worked in the car business for a few years (i'm not an attorney) so I can offer a couple of ideas.

1. Is he going to make all the payments? If you're worried about him being responsible, you need to take action. On the other hand, if he's going to make all the payments on time, it will actually add to your credit rating. I understand completely why you want to cut all ties, but there are some benefits in leaving things as-is.

2. If you don't think he's capable of making the payments and your credit rating is at risk, you can always take the car for yourself (your name is one the registration). You would have to get rid of your own car, but that might be a cheaper option than letting him default on the car you co-signed. It's not a great option - but it's outside the box.

3. Appeal to his ego. Perhaps you can cajole him into proving he can "do this on his own."

For some evil fun you can use the old "why don't you be a big boy" line on him. Or maybe tell him he "can't use his grown-up voice until he can afford a car on his own." It's really funny when you say this in front of friends and family, at his favorite hangouts, etc. (Just kidding - trying to make you laugh. Hope it worked.)

4. Ask him to trade-in his car for something else. It's a long shot it sounds like, but maybe you can get him to trade the car.

5. Try to refinance through the local credit union. They're more aggressive than regular banks.

The big piece of advice I have here is to keep it professional. If it gets really ugly and personal, he might do something stupid that will hurt both your credit scores.

If it's any consolation, I've seen this personally on dozens of occasions. It works out just fine 90% of the time.

Here's a post I wrote about it on my website:

http://accurateautoadvice.com/financing/are-you-co-signed-with-an-ex-boyfriend-or-girlfriend/
 
I am in a simliar Situation!

I find myself in a situation where i did cosign for a vehicle for an ex. He has taken the vehicle, but he has no license, no job, and no mean to make the payment. Really i do not want the vehicle anymore because i do not want the payment. He has said his mother is currently making the payments. I believe she will for the time being but he has a problem keeping a job. I have spoken with him about removing my name and he refuses because he knows that if he doesn'y pay that i will to keep from damaging my credit. Is there anything legally that i can do to get my name off the loan and or vehicle?
 
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