My daughter did her x boyfriend s favor and took out a car loan in her name and him as the co signer.they have been split for a year he's been making the car payment and she wants either her name off the loan or take the vehicle back. Can she do this?
Yes, she owns the car IF the car is titled in HER name alone.
If the car is titled in BOTH names, things get murky and complicated.
No one should ever take out a loan as a favor for ANYONE but that person's spouse, and only if KNOW the marriage is going to remain intact.
The simplest, most powerful two letter word word in the English language is NO!!!
People need to use it more, and they would minimize the risks they take for idiots, deadbeats, and bums.
Dating someone doesn't mean you have to pay his or her bills, in fact, people should ONLY pay their bills.
Even if you have $100,000,000, don't make loans, its better to give gifts.
If the bank won't finance a bum, why would I want to take the risk?
I don't, never have, because as my dad used to say, "I'm not a bank. Banks make loans, not friends or family, if you want to remain friends or family."
Read about all the similar stories on this site that relate your daughter's sad tale.
These deadbeats never pay you back, ruin your FICO, bleed you dry, possibly worse.
What if the deadbeat got drunk, killed a family, and demolished a $5,000,000 mansion in the process?
The good guy or good woman, who did a "favor" will feel the brunt of that "favor" for the rest of his or her life, through no fault of theirs.
