kayla8599 asked:
When we got divorced we both agreed to give the car back to the bank as a voluntary repossession since neither one of us could make the payment. My ex husband took the car and said he’d trade it in or sell it to put toward the balance owed, I got calls from the bank stating they have since sent the account repossessions. He refuses to tell me anything. He was the co-signer on the vehicle because my credit was so new. I’m 23 and would like to pay this off as quickly as possible. Problem was I was paying 475 a month for 2 years and only 2000 came off the total amount due! I don’t know what the interest rate is but (stupid I know, I learned my lesson believe me)is that factored into collections when they send it off or is it the total amount due? I’m so confused please help!
who will be held liable first? Will they go after us both for a split amount?
I’m not trying to “get off the hook” I’m just frustrated he’s taken the car and probably sold it, then kept the money for himself without letting me use it for the car.
When we got divorced we both agreed to give the car back to the bank as a voluntary repossession since neither one of us could make the payment. My ex husband took the car and said he’d trade it in or sell it to put toward the balance owed, I got calls from the bank stating they have since sent the account repossessions. He refuses to tell me anything. He was the co-signer on the vehicle because my credit was so new. I’m 23 and would like to pay this off as quickly as possible. Problem was I was paying 475 a month for 2 years and only 2000 came off the total amount due! I don’t know what the interest rate is but (stupid I know, I learned my lesson believe me)is that factored into collections when they send it off or is it the total amount due? I’m so confused please help!
who will be held liable first? Will they go after us both for a split amount?
I’m not trying to “get off the hook” I’m just frustrated he’s taken the car and probably sold it, then kept the money for himself without letting me use it for the car.
I have a 4 year old he doesn’t pay for either!
Megan
Pedro
Sorry, I had to do a re-write because I didn’t read the question correctly the first time…Liability will fall on on how your divorce decree was written. However, based on the agreement you two had, your ex-husband certainly didn’t follow through by keeping you in the dark and that may be looked upon as contempt of court. Again, it is so important to know exactly what your decree says verbatum otherwise I don’t think anybody can answer your question. Your best bet is to contact your lawyer and see what he/she says. Unless you guys had something in writing regarding who gets the car then you may have to bring him back to court for contempt.
Comment by Sandy O — August 25, 2009 @ 8:30 am
Christian
It doesn’t matter what you and your husband agreed. When you get divorced, it’s what the judge orders in the decree that counts. Talk to your lawyer.
As far as who the bank will come after, the answer is that both of you are liable for the whole thing, so they will go after the original party for the whole thing, then the co-signer, but this doesn’t let the original party off the hook.
Comment by Ted — August 26, 2009 @ 5:45 am