Primary borrower defaulting on a co-signed car loan - what are the options?

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Posted: 8/12/2011 8:38:53 AM EDT

After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away)

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world?

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for?

Thanks in advance.

Posted: 8/12/2011 8:47:21 AM EDT

[#1]

Cosigning fucks your credit. Don't let it be repo as the loan is probably higher than value especially when the back auctions it for peanuts an comes after you who will be also responsible as her husband. Getting a lawyer to straighten that mess out would exceed the loan .

Go with your first instinct take possion of the car, make up the back payments with an arrangment with the bank it might be managable. SELL IT ASASP. Go on with your new life .
Congrats.

You know the rules. Pics

Posted: 8/12/2011 8:51:30 AM EDT

[#2]

My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Posted: 8/12/2011 8:52:56 AM EDT

[#3]

what ^he^said

Posted: 8/12/2011 8:53:45 AM EDT

[#4]

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

Posted: 8/12/2011 8:55:09 AM EDT

[#5]

Quoted:
My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

Posted: 8/12/2011 8:58:03 AM EDT

[#6]

Quoted:

Quoted:

After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:

Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:

1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

Posted: 8/12/2011 8:58:27 AM EDT

[#7]

Bad situation

1-Pay off the loan and sell worthless car might be the best answer if you can afford it

2-You cannot just take the car from her. You have no right to the vehicle and if you just grab it it's probably a felony. Also if the friend just consents to you turning it in that will look the same as a repo and your wife's credit.

2a-not sure of the length of time it will stay on her credit.

This is an expensive life lesson for your wife, or, I guess, a life lesson for your wife and just expensive for you.

You would be shocked at how much can be owed on some shitbox old cars. Good luck

Posted: 8/12/2011 8:58:31 AM EDT

[#8]

Take the car and pay if you can.

"Turning it in" is called a Voluntary Surrender and is about as bad as a Repossession. Borrower can still be held responsible for the deficiency balance if they can't pay off the loan after selling the repo at auction.

Not good at all for your credit.

Posted: 8/12/2011 8:59:01 AM EDT

[#9]

Can you just take possession of it?

Do you have a set of keys?

I really don't know the answers but I do know that if your future wife got pulled over in that vehicle and the registration was in the deadbeat friend's name it would be a fun time explaining to the cops.

Or, would the deadbeat friend go right to nuclear war and report it stolen?

I'd call the lender first and see what they say.

Posted: 8/12/2011 8:59:09 AM EDT

[#10]

Quoted:

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

Someone had to say it.

Posted: 8/12/2011 9:00:10 AM EDT

[#11]

Quoted:

Quoted:
My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

Agree completely.

My parents co-signed for me once to get into my first apartment and I never defaulted. So would do the same for my kids, but on a case by case basis.

Posted: 8/12/2011 9:03:57 AM EDT

[#12]

Quoted:

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

Someone had to say it.

If you don't set boundaries, someone will and it will be her. Is that what you want, if so.........choose a woman who makes better decisions. If not, be the decision maker, or you will be deciding not to be.

Posted: 8/12/2011 9:04:09 AM EDT

[#13]

Yeah I was stupid enough to cosign twice, once for a friend when I was about 20 ($4000 down the hole) and then for a gf who is now an ex ($5000). Had to pay off one settled on the other. Never in my life will I cosign unless it's my parents.

Posted: 8/12/2011 9:04:45 AM EDT

[#14]

Quoted:

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

Someone had to say it.

Yep. Otherwise you might as well go ahead and kick yourself in the nuts and give her half of everything you own.

Posted: 8/12/2011 9:05:45 AM EDT

[#15]

I would:

1. Go to lawyer and have a legal document prepared that transfers full ownership to her if she pays off loan.

2. Go to pothead and raise hell and tell him in no uncertain terms that they are screwing with GF's credit rating. Make them sign the document releasing the car to GF for payoff.

3. Go to bank, pay off loan, get title and then sell car for whatever you can get.

Posted: 8/12/2011 9:07:38 AM EDT

[#16]

I have been in the same kind of situation. I cosigned for my brother who wrecked his truck and decided not to pay for it. I took out another loan in my name at a lower interest rate to help rebuild my credit. when i went to the garage that was supposed to fix the truck the owner had sold the truck ( i found out later he could get an abandoned vehicle title). Long story short i was out $10,000 and no truck. My brother and i do not talk much anymore.

Ar-Eric

Posted: 8/12/2011 9:09:19 AM EDT

[#17]

1) If the car is titled in POS friends name (it probably is) you have no claim on the vehicle. Take the keys and she can report the theft. You are only on the hook to pay the note as agreed. Only the lender can take the car through a repo if either the primary or the co-signer doesn't pay.

If they repo it, the lender will come after the borrower and co-signer. Given that the borrower is a deadbeat, they;'ll probably just come after the co-signer who has more assets and something to lose.

2) No, you can't, unless only your spouse's name is on the title. which it probably isn't. Yes, it's pretty much the same as a repo.

2a) Very fucked. Although it would only affect your spouse's credit, and they would come after her for any outstanding balance. WHic when you're married will put any jointly held funds at risk in a judgement. It will have a very bad effect for about a year and then will atrophy in it's effect over a total of 7 years. If your spouse has little to no credit history outside of this note, her score will crater and you will only be able to get credit in your name. Which may make joint title of any asset challenging.

Posted: 8/12/2011 9:11:37 AM EDT

[#18]

Use wedding and honymoon money to pay off car and get married by JOP if she still wants to.

Posted: 8/12/2011 9:12:37 AM EDT

[#19]

Quoted:
Bad situation

1-Pay off the loan and sell worthless car might be the best answer if you can afford it

2-You cannot just take the car from her. You have no right to the vehicle and if you just grab it it's probably a felony. Also if the friend just consents to you turning it in that will look the same as a repo and your wife's credit.

2a-not sure of the length of time it will stay on her credit.

This is an expensive life lesson for your wife, or, I guess, a life lesson for your wife and just expensive for you.

You would be shocked at how much can be owed on some shitbox old cars. Good luck

+1, and be glad it's just a car.

Posted: 8/12/2011 9:12:57 AM EDT

[#20]

Pass along the advice regarding dealing with the cherry 90's Neon.

Delay wedding until girlfriend cleans up her mess.

Provide moral support and encouragement in process but do not do the work for her.

Resolve issue with said cherry 90's Neon.

Resume nuptials and profit.

Posted: 8/12/2011 9:13:41 AM EDT

[#21]

pre eject

Posted: 8/12/2011 9:15:38 AM EDT

[#22]

I'd reconsider 'taking' the car. you might end up in jail.

Posted: 8/12/2011 9:15:51 AM EDT

[#23]

Quoted:

My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Fixed it for you.

No exceptions, never cosign for anyone, including your kids.

Posted: 8/12/2011 9:22:57 AM EDT

[#24]

Quoted:
2. Go to pothead and raise hell and tell him in no uncertain terms that they are screwing with GF's credit rating.
Make them sign the document releasing the car to GF for payoff.

As to the part in red, do you really think said pothead gives a shit?

As to the part in blue, just how do you make them sign?

Posted: 8/12/2011 9:26:07 AM EDT

[#25]

Quoted:

Quoted:
My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Fixed it for you.

No exceptions, never cosign for anyone, including especially your kids.

FIFY

Posted: 8/12/2011 9:27:19 AM EDT

[#26]

I would buy the car myself and sell it on installments to my friend, but I will never co-sign for another person's debt. There is nothing good that can ever come from that situation.

Allowing a default/repossession will screw your fiance's credit rating just like she was the deadbeat –– in the bank's eyes she is just as responsible as the deadbeat. This will stay on the credit report for the next seven years and result in serious financial implications as you start out your family.

If you turn the car over to the bank it will sell it at auction (dirt cheap) and still come back against your wife for the deficiency (what is owed on the contract plus interest and expenses of repossession). If she refuses to pay the deficiency she will be sued and it will collect the deficiency that way. There is no escape. Your only reasonable option is to get the deadbeat to agree to turn the car over to you, pay it off and sell it privately.

The worst case scenario is deadbeat refuses to give possession of the automobile over to your fiance. As a co-signor she is only a guarantor of the loan and is not entitled to possession of the automobile. Your fiance could be stuck making the payments with no right to the car. In that case, her only recourse will be to turn around and sue her friend.

Posted: 8/12/2011 9:27:51 AM EDT

[#27]

I know a fair bit about the law regarding loans, defaults, credit, etc.... It is a large part of what I do professionally.

1. A co-signer is 100% equally liable on the loan. For all purposes, the it is as if the loan is only in the name of the co-signer. The lender an sue the co-signer without even going after the borrower.

2. Since a co-signer is fully responsible for the loan, the impact on his or her credit is the same as if they were the borrower and defaulted on the loan.

Try to work out a deal with the "friend" and the lender to take the vehicle and sell it. Pay the sale proceeds to the lender and make a payment plan for the balance. If the vehicle gets repoed (or voluntarily turned in), it will be sold at auction (wholesale) and the balance remaining will still be owed. Selling it yourself will maximize the amount realized from the sale and minimize the amount owed.

Posted: 8/12/2011 9:31:20 AM EDT

[#28]

Quoted:

Quoted:
My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

Not really. My wife had to cosign for my truck loan, not because I can't pay it, but because if "something" happens and I become fully responsible for the mortgage payment I don't make enough to cover them both. Which doesn't really make sense, because the only "something" that would happen that doesn't include my losing my income would be her losing her income.

Posted: 8/12/2011 9:33:13 AM EDT

[#29]

Quoted:

Quoted:
My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

Not really. My wife had to cosign for my truck loan, not because I can't pay it, but because if "something" happens and I become fully responsible for the mortgage payment I don't make enough to cover them both. Which doesn't really make sense, because the only "something" that would happen that doesn't include my losing my income would be her losing her income.

That's interesting, I've never had a co-signer on any loan I've ever taken out.

Well, my wife and I are on the house loan but that's because weren't married when we bought the house, I don't think she was required as a co-signatory.

Posted: 8/12/2011 9:36:31 AM EDT

[#30]

Don't marry the woman. You ain't seen nothing yet.

Posted: 8/12/2011 9:38:28 AM EDT

[#31]

Quoted:
Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors).

Is this the same as the hotel room girl?

Posted: 8/12/2011 9:38:34 AM EDT

[#32]

Congrats on the upcoming wedding.

Posted: 8/12/2011 9:38:46 AM EDT

[#33]

take care... catch up payments... sell car pocket any money left over and tell your soon to be wife to not make that mistake again.

the only other alternative is to marry someone who has boinked credit.

Posted: 8/12/2011 9:40:15 AM EDT

[#34]

Quoted:
Don't marry the woman. You ain't seen nothing yet.

Wisdom ^ ^ ^

Posted: 8/12/2011 9:40:31 AM EDT

[#35]

On a totally unrelated side note, does anybody remember those freecreditreport.com commercials with the guy living in his "dream girl"s parents' basement?

Posted: 8/12/2011 9:42:30 AM EDT

[#36]

Quoted:

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

That was my thought, as well.

Posted: 8/12/2011 9:47:50 AM EDT

[#37]

Tell deadbeat to get her ass down to Shotgun Willie's and get current on her payments.

Posted: 8/12/2011 9:50:23 AM EDT

[#38]

Quoted:

Quoted:

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

That was my thought, as well.

I hate to agree with The Evil One, but this. The loan is small potatoes. Make the monthly payments or pay it off, it doesn't really matter.

The other issue is a big one. Refocus your priorities and concerns.

Posted: 8/12/2011 9:54:08 AM EDT

[#39]

Financials are one area I draw the line in the sand with my wife, and she knows that, and knew it before the wedding. Nothing can fuck YOU up faster than a idiot wife making shit financial decisions for you both.

You have some thinking to do.
ETA: Post pics of the idiot friend so that we may determine if she can 'work' off the loan.

Posted: 8/12/2011 9:56:13 AM EDT

[#40]

Quoted:

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

She did this deal about a year ago before we were engaged... When she told me about it I was not happy.. but at that point her money was her money and my money was my money...

After reading the replies I now know 100% what I need to do... Get the deadbeat to sign the car over to fiancee and get it paid for/sold. I just didn't want to admit that was the only solution....

As for the posts that give advice about relationships: This is GD... pretty much take what is said here and do the opposite... I have learned that taking relationship advice from the majority in this place is like asking a priest advice about the hooker you accidentally killed in Vegas after snorting coke...

Posted: 8/12/2011 9:57:29 AM EDT

[#41]

Good luck OP.

That sucks. My wife (girlfriend at the time) decided she would go in on a family cell phone plan with her deadbeat brother, because he couldn't get one on his own. The same brother that caused his own mom to put bars across the inside of her doors because she was scared of him. I didn't find out until after the fact, but I told her pre-paid plans don't give a shit about your credit. Too late, it was already done. She felt horrible for making the decision without asking me about it, but he put her on the spot and guilted her into it.

Long story short, he fucked her over about a year later (we were married by then). $360 out of our pocket. I was pissed at her for a while. She learned her lesson and feels bad about it. But I'll tell you something, that $360 was worth the lesson and worth not having to ever put up with his shit anymore.

Posted: 8/12/2011 9:57:46 AM EDT

[#42]

Quoted:
As for the posts that give advice about relationships: This is GD... pretty much take what is said here and do the opposite... I have learned that taking relationship advice from the majority in this place is like asking a priest advice about the hooker you accidentally killed in Vegas after snorting coke...

Good man.

ETA: Too many ellipses.

Posted: 8/12/2011 10:20:43 AM EDT

[#43]

Quoted:

Quoted:
After typing this I realized I used a lot of cuss words and should probably put a disclaimer here.....

I guess it is probably pissing me off more than I thought!

I have never cosigned a loan and I don't ever plan to, so I don't have a clue what my/our options are.

Short back story because I ain't gonna jump into it all on here:
Soon to be wife (two weeks) cosigns on a car loan for a pothead deadbeat friend (a girl that I told her was deadbeat multiple times, because she came from the town I live in and i hear rumors). Now the friend is two months behind on her payments and fiancee is taking the car today if she don't pay...

The car is a pile of shit as far as I am concerned - an early 90's Dodge Neon - so I can't imagine there being that much owed on it....

Questions for someone who has been through this before/in the know:
1) I am about 95% sure the best solution (read least negative impact on fiancee's credit) would be to pay the damn payments/pay off the loan for her friend that I fucking hate, probably more than any other human on this planet, and take possession of the car. Sell the POS as soon as I can and cut the losses. However, with a wedding in two weeks that I chipped in on and a honeymoon I am about totally tapped out... I have a mortgage, car loan of my own, student loans, soon to be wife's car loan(s) and other monthly bills to pay... the last thing I need or want is another car payment to make. (When we are married the Wife is moving to the small town I live in and she will more than likely not find a job right away) Probably your best option,since she has promised to pay if the pothead didn't.

2) Can she/we take the keys from the crazy bitch and just give them to the bank? I imagine that is the same thing as a default in the credit rating world? Pretty much

2.a) How fucked would our credit be if she/we just turned it over to the bank? I have pretty damn good credit (upper 600, single digit 700's) and I am guessing the fiancee's isn't too shabby as she doesn't even own credit cards and has never been late on a car payment. How many years will this option be finger fucking us in the arse for? the same as if you hadn't paid on any car loan,and quite a few

Thanks in advance.

What I'm taking from this is: you talked it over with the soon to be wife,told her you were against this decision,and she went ahead and did it anyway? And now, since you will be married, you get to pay for her bad idea anyway............you might want to take a step back and rethink this getting married thing.

She did this deal about a year ago before we were engaged... When she told me about it I was not happy.. but at that point her money was her money and my money was my money...

After reading the replies I now know 100% what I need to do... Get the deadbeat to sign the car over to fiancee and get it paid for/sold. I just didn't want to admit that was the only solution....

As for the posts that give advice about relationships: This is GD... pretty much take what is said here and do the opposite... I have learned that taking relationship advice from the majority in this place is like asking a priest advice about the hooker you accidentally killed in Vegas after snorting coke...

I think the point many were trying to make is had you already been engaged or married and she went against your decision or blew you off (not in a good way), then you have much bigger issues. Marrying someone does not change them. If you end up married to a person that is going to go against everything you say or unwiling to share in a major financial decision.then it will eventually end in disaster.

Posted: 8/12/2011 10:23:16 AM EDT

[#44]

Tagged for the inevitable "I should have listened to GD"

Posted: 8/12/2011 10:30:15 AM EDT

[#45]

Quoted:

Tagged for the inevitable "I should have listened to GD"

Yup. I used to be one of the high horse It'll Never Happen To Me types, too.

Posted: 8/12/2011 10:34:26 AM EDT

[#46]

Your Fiance, not you, needs to pay for this fuck-up.

If you do not do this, your marriage WILL fail.

Posted: 8/12/2011 10:34:27 AM EDT

[#47]

Quoted:

Quoted:

My advice is to never co-sign for someone. Period. The only exception being one of your children starting adulthood and you trust that they are responsable.

Hope it works out for you and agreee you need to take ownership. It is kind of a lose\lose situation either way. One just screws your credit score big time.

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

THIS!!! Fixed the above for removal of exception, and emphasis of fact.

NEVER CO-SIGN!!! If somebody ever asks you to co-sign, you can know RIGHT THEN & THERE that they think you're a FOOL, and a SUCKER, and they don't really INTEND to pay in full responsibly.

Posted: 8/12/2011 10:35:08 AM EDT

[#48]

Quoted:

I think the point many were trying to make is had you already been engaged or married and she went against your decision or blew you off (not in a good way), then you have much bigger issues. Marrying someone does not change them. If you end up married to a person that is going to go against everything you say or unwiling to share in a major financial decision.then it will eventually end in disaster.

The original post sure implied that this all went down when the OP & GF were already an item. That was my take anyway.

Agree 100% with your post.

Posted: 8/12/2011 10:35:54 AM EDT

[#49]

Quoted:

Nope, I wouldn't co-sign for my kids either.

Do you know why the bank wants a co-signer? It's because they're reasonably sure the primary signatory isn't going to/be able to pay.

Why, if the bank doesn't think they'll pay, would you?

Posted: 8/12/2011 10:37:23 AM EDT

[#50]

Quoted:

Quoted:
2. Go to pothead and raise hell and tell him in no uncertain terms that they are screwing with GF's credit rating.
Make them sign the document releasing the car to GF for payoff.

As to the part in red, do you really think said pothead gives a shit?

As to the part in blue, just how do you make them sign?

Wolf stare.

[ARCHIVED THREAD] - Primary borrower defaulting on a co-signed car loan - what are the options? (Page 1 of 2)

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