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2 minutes read published March 03, 2015
Written by Justin Harelik Written by Justin Harelik The Bankruptcy Counselor
Justin Harelik
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Dear Bankruptcy Adviser, How can I obtain a car loan through my name? I’m unable to convince anyone to refinance it, and my ex-boyfriend is not paying. Are bankruptcy the only option? — Anna Dear Anna Although I earn money by dealing with the bankruptcy process, I hope you are able to find a way around your previous error in judgment, especially if this is your only debt. Co-signing on the loan is one of the most common reasons people file for bankruptcy. You did sign the contract and you agreed to pay for it, and you are now paying the amount. The lender will not take your name off of the loan solely because you and your partner are no longer together. Just as the lender has no say in your choices regarding relationships, it also has no say in your decision to split up. It does require your signature to pay the balance on this loan. Finally, it has no incentive to let you get out of this agreement until you have paid in full. You have four options to choose from: Pay the balance: It is possible to make use of the car to pay the balance and you can afford the monthly payment. This will protect your credit score and ultimately gets you the title to the car. Find someone else to take over the payment: you could request a friend to pay the balance and also drive the car. You are still 100 percent responsible for paying off the car, but hopefully you can find another person to help. Perhaps a friend could make an amount of the loan and you’ll pay the difference. Make sure all drivers have appropriate insurance. Don’t allow anyone to drive your car without insurance coverage to drive it. Return the car to the lender: This is as a repossession in the credit file. The lender will then sell the vehicle and then send you a check for the balance remaining after the sale, which is known as the deficiency balance. You’ll have to pay that balance. Ignore the problem It is likely that the lender will not let you repossess your car and pursue you for the deficiency balance. I have heard clients say they planned to pursue the other party responsible and make them pay. It sounds great in theory, however finding a way to make the responsible party pay is very difficult. If you figure out how to do this, you could start your own co-signer collection company because that would be very impressive in fact. Good luck! Ask the advisor a question of the Bankruptcy Adviser, go to the “Ask the Experts” page, and choose “Bankruptcy” for the topic. Read more columns and more on debt-management.
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Authored by Justin Harelik The Bankruptcy Adviser
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