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Contract Law

Discussion in 'Consumer Law, Contracts, Warranties' started by Thea, Jun 17, 2020.

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  1. Thea

    Thea Law Topic Starter New Member

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    Jurisdiction:
    Virginia
    I entered into a joint car loan (I know; stupid) with my ex boyfriend. We are both on the loan and title/reg in the Commonwealth of Virginia. We broke up and I moved away. He kept the car. I sent him a letter (Return Receipt) telling him that since he has possession, he is responsible for it...and the loan. (Technically, I realize that I am still a co-borrower and the loan may go to default). I am stopping payments.
    I told him that he has three options: refinance in his name only, sell it, or voluntarily return it.

    Is there anything that I can do legally to force him to do any of the 3 options? I have no control over the car at this point and don't want it.
     
  2. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    He has other options.
    Ignore your letter and...
    ...not do a damn thing and keep making payments.
    ...have a car for free until or unless they repo the car. Trashing both of your credit histories.
    ...drop the car off at your place and let you deal with it.
     
  3. Thea

    Thea Law Topic Starter New Member

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    It that the best legal advice you can give? I fully understand the credit hit.
     
  4. Zigner

    Zigner Well-Known Member

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    I don't know what you want to hear. I think you know full well the consequences of your ill-advised choice to enter in to a joint contract with somebody who has absolutely no legal ties to you.
     
  5. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    I just wanted to make it clear that he had more options than the three you chose.

    You willingly entered into an agreement with your ex-BF.
    You willingly entered into an agreement with the finance company to finance the car.

    What makes you think that there would be laws out there to get you out from under your agreements?

    Also, since pretty much every financed car has negative equity from day one if he chooses that option you will still be on the hook for the balance plus penalties and costs that are charged.

    Also, if the insurance isn't kept on the car sooner or later the finance company is going to insure their interest with a very high cost policy.
     
  6. Thea

    Thea Law Topic Starter New Member

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    I know. I will just let it go to default then. Life lesson learned. Thanks
     
  7. Zigner

    Zigner Well-Known Member

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    Has your ex responded to your request?
     
  8. zddoodah

    zddoodah Well-Known Member

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    He has several options other than those three, including simply keeping possession of the vehicle and making the payments on the loan.

    No.

    The information in "PayrollHRGuy's" response was not legal advice at all, and you should re-read (or read for the first time) this site's terms of service that you agreed to when you signed up to post here. You should also read the "Legal Disclaimer" at the bottom of every page at this site. Also, everything in that response was accurate, so I'm not sure why you have a problem with it. Just because it's not what you hoped to hear doesn't mean it isn't accurate.
     
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  9. Thea

    Thea Law Topic Starter New Member

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    No, he has not responded, but I do have the signed Return Receipt. I also advised the manufacturer's finance arm.
     
  10. Thea

    Thea Law Topic Starter New Member

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    Thanks. Best case is that he pays the loan. Hopefully refi's under his name only which I doubt.
     
  11. Zigner

    Zigner Well-Known Member

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    Your posting here is premature.
     
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  12. Zigner

    Zigner Well-Known Member

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    Advised them of what? Your squabbles with your ex are really none of their concern. Any action that they may take will be against both of you.
     
  13. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    Have you considered taking possession of the car and trying to sell it yourself?
     
  14. army judge

    army judge Super Moderator

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    You have the right to YOUR opinion and analysis of the situation.

    However, many of your choices aren't his alone to choose.

    If he attempts to refinance, that would ultimately be up to the lender.
    The lender has many options, none of which you have mentioned.
    The lender could come after you, should your former friend simply stop paying the note.
    The lender could repossess the car and come after your former friend, you, or BOTH of you.

    Your former friend can't sell the car, unless you BOTH sign off on the title.
    If he sells the car, it is doubtful that he'll receive MORE than is owed on the car.

    Bottom line, if the debt isn't paid in a timely matter, your credit (along with his) will be negatively impacted.

    You don't absolve yourself of any financial liability by disclaiming same.
    That is something you can't do, either.

    You can file bankruptcy, assuming you qualify to do so, which will absolve you of MOST (perhaps all) debt(s) that you owe.

    If your former friend gets liquored up, weeded up, or any other upped; drives the car and demolishes a $400,000 Bentley, killing the driver (Mr. Got Lotta Buck$), you could be financially liable, too.

    If the debt goes into default, his FICO and your FICO will take a nosedive.
    If the debt is repossessed, his FICO and your FICO will take a nosedive.
    If the debt becomes unpaid and overdue, his FICO and your FICO will take a nosedive.

    What he fails to do hurts BOTH of you equally, what you fail to do hurts BOTH of you equally, too.
     
  15. adjusterjack

    adjusterjack Super Moderator

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    There's one more option that doesn't appear to have been mentioned.

    You can offer to give him money in exchange for returning the car to you and signing over the title.
     
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  16. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    Some states, mine included which isn't VA, all titles to be held as "and/or" or "or" removing the requirement that they both sign off on the title at sale.
     
  17. flyingron

    flyingron Well-Known Member

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    "OR" doesn't work that way in Virginia. It merely indicates survivorship rights.
     
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  18. Thea

    Thea Law Topic Starter New Member

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    Thanks to all. Its a No-Win situation. Something I have to deal with.
     

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