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Discussion Starter · #1 ·
So this is a tale for all of those people who think they trust people enough to help them buy expensive things. In late Janurary I decided to finally decieded to help out my girlfriend of 5 months and good friend of 16 years by co-signing for her to get a used car.(dumbest move I have ever made in my life) I did it because...well.....yeah I am an idiot and thought that I "loved" her. Well she had exceeded the milage she could drive and her lease wasn't up for a while and there is a long story to it but she would have had to pay about $4000 if she kept driving it. So I co-signed for her to help her out. It was all fine and dandy until I found out 3 weeks later that she was cheating on me.....

Well, I really couldn't do anything about it and I just let it go and I told her she would be fine on it as long as she makes her payments on time. Well on Monday I get a phone call from the Finance company telling me that she is 20 days late on her first payment... :censor: :cuss: :bang: I told her politely to make the payment right away and I wouldn't get any more mad and she said she will. Then today I called them up again and I found out that she STILL hasn't made it and they want me to make it. I have the money to pay for it but why the hell should I pay when I am not the one driving it? I don't know what to do right now. I think I will make the payment and then take it from her and then see if I can sell it or I might see if someone else I know would take over the payments.
 

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Sorry to hear. Hope it works out well for you.
 

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Wow! Consider that a lesson learned the hard way. The really, really hard way. JMorton works at a car dealership; maybe he can shed some light on this if he pops in sometime soon.

If you can take the car back and sell it, that would be the best bet, but you are probably looking at a large financial loss.
 

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You HAVE to take her to court and get the car. Yes you have to make the payment or your credit is screwed. BUT YOU MUST TAKE IMMEDIATE ACTION TO GET THE CAR. Yes it is the dumbest thing you ever did, but it's not too late to keep it from being the most expensive dumbest thing you ever did. Keep us posted. Check your laws where you live you may not even have to take her to court to take the car. Better yet, explain the situation to the finance co. they may be able to tell you what your rights are concerning the car.
 

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Discussion Starter · #5 ·
I will call them again tomorrow morning and ask them what I can do about taking the car from her.
 

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Call the finance company immediately & explain the situation & ask them what to do.

This is an AWFULLY common problem, we run into it a lot at work.

I don't work in sales at the dealer now, but when I did I thought I had a car all sold to a very cool African American fellow I had been dealing with for a few days. Then, the bank turned down his credit app. He was outraged & claimed he had never so much as been late on a single pmt in his life.

I found out the next day that he had co-signed for a loan for his own brother to buy a Lexus six months before & the idiot brother had never made one single car payment..........The bank had been looking for the Lexus for months to repo it.

~John
 

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Discussion Starter · #7 ·
jmorton10 said:
Call the finance company immediately & explain the situation & ask them what to do.

This is an AWFULLY common problem, we run into it a lot at work.

I don't work in sales at the dealer now, but when I did I thought I had a car all sold to a very cool African American fellow I had been dealing with for a few days. Then, the bank turned down his credit app. He was outraged & claimed he had never so much as been late on a single pmt in his life.

I found out the next day that he had co-signed for a loan for his own brother to buy a Lexus six months before & the idiot brother had never made one single car payment..........The bank had been looking for the Lexus for months to repo it.

~John
Ouch! Thats painful! Well what really sucks for me is that I am only 21 and I DID have a good score (700 something I think) and thats why I was able to co-sign so easily. I don't want this to hurt my chances of buying new cars in the future or if I want to get a home of apartment soon and the Police look at your credit when you are applying to be a cop. :violin: I just don't want the bitch to ruin anything I have been working for.
 

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That was a bad mistake. We all make them though, so don't beat yourself up over it. I'm 21 too and I know I would never co-sign anything being so young into life. But hey, you live, you learn...

Good luck! :fan:
 

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02escape said:
jmorton10 said:
Call the finance company immediately & explain the situation & ask them what to do.

This is an AWFULLY common problem, we run into it a lot at work.

I don't work in sales at the dealer now, but when I did I thought I had a car all sold to a very cool African American fellow I had been dealing with for a few days. Then, the bank turned down his credit app. He was outraged & claimed he had never so much as been late on a single pmt in his life.

I found out the next day that he had co-signed for a loan for his own brother to buy a Lexus six months before & the idiot brother had never made one single car payment..........The bank had been looking for the Lexus for months to repo it.

~John
Ouch! Thats painful! Well what really sucks for me is that I am only 21 and I DID have a good score (700 something I think) and thats why I was able to co-sign so easily. I don't want this to hurt my chances of buying new cars in the future or if I want to get a home of apartment soon and the Police look at your credit when you are applying to be a cop. :violin: I just don't want the bitch to ruin anything I have been working for.
That's way you have to make this payment, but then you have to get possesion of the car immediately.
 

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I did the same thing, loaning money to a girlfriend and she never paid it back. All the advice above is good- pay it and then get the car. I had to pay off the loan myself and it took a while to get my credit back but you live and learn. You might have to take a real hard look at your financial situation and see what's best for you right now.

One lession learned: be very cautious with your finances from now on...

Good luck!
 

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When
will I co-sign. I've loaned money to people before and only got the shaft once. I helped buddy out a couple of years ago by bailing him out of jail. It took 1.5 years to get my 2500.00 back. Not his fault.
 

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weebee said:
When
will I co-sign. I've loaned money to people before and only got the shaft once. I helped buddy out a couple of years ago by bailing him out of jail. It took 1.5 years to get my 2500.00 back. Not his fault.
curious...Who's fault was it?
 

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Court system, lower level concern. Soo, naturally they kept rescheduling. Of course, it was my friends fault getting in that mess to begin with.
 

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Yes an unfortunate situation indeed.

If her name is on the title then you need to get the court to here your case. You need the finance company to provide you with the payment history or lack there of or at least a statment that she is in default and that you have taken over the payments so you have something to show the court.

You would need to send at least one certified letter to her stating your need for her to either make and catch up on any payments or turn the car over to you. It is only after she ignores your efforts or refuses to work with you that the court can force the title in your name and then you will need to get the car which is a whole other story.
 

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Discussion Starter · #15 ·
Surfscape said:
Yes an unfortunate situation indeed.

If her name is on the title then you need to get the court to here your case. You need the finance company to provide you with the payment history or lack there of or at least a statment that she is in default and that you have taken over the payments so you have something to show the court.

You would need to send at least one certified letter to her stating your need for her to either make and catch up on any payments or turn the car over to you. It is only after she ignores your efforts or refuses to work with you that the court can force the title in your name and then you will need to get the car which is a whole other story.
I have only talked to her over the phone about it and sent her test messages about it. But when I call in a few hours to the finance company I will find out if she made the payment or not and when I find out that she hasn't made it then I will be taking her to court over it.
 

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Discussion Starter · #16 ·
So the latest news. I will have a 2002 Mazda Tribute by the end of this week. She agreed to hand it over to me with out fuss just so she wouldn't have to go to court over it. I will be making the car payment in an hour or so(I am at work right now). I called her parents and left both of them messages telling them of my intentions. Grr! So after I get it back I am going to do a full detail on it and then try and sell it.
 

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Well, if you're able to get it in really nice shape, I hope you wind up making money on all of this.

Good luck, and let us know what else happens.
 

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Discussion Starter · #18 ·
If I actually try, I am sure I can come out on top of it. I owe $11665 on it before I pay the first months payment. So I don't know....I could if I play the cards right.
 

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02escape said:
If I actually try, I am sure I can come out on top of it. I owe $11665 on it before I pay the first months payment. So I don't know....I could if I play the cards right.
This is sort of good news, no? At least you don't have to go to court.

I bet the next time somebody asks you to co-sign you'll... :stop:
 
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