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Expert: - 10/7/2009


Question
I am in a real jam, I was part of a Missouri S CORP and I help our VP get a vehicle as personal guarantee (dumb) The company I no longer own,sold shares to that partner.  I now have a issue that the guy can't get a loan in his name (poor credit) and I am getting stuck with a car reporting on my credit that I can't afford to pay anymore, a company that I don't own anymore, and a car I never drove.  I need to know if the car is titled in company first and me second as a PG what is my legal rights to the vehicle? Since I am no longer with or own company what can I do??

Answer
Michael:
Thanks for your inquiry. It seems the first thing you need to do is to contact the DMV in your area and pull title on the car. If it belongs to you or your former partner will determine who gets possession if he defaults on payment. You should also contact the loan company and find out the status of the loan. Based on the age of the car, they may just accept a settlement to pay it off for less after you turn it in to a dealer. However, if the car gets repossessed you will have that to deal with that reporting.You may also be able to dispute the reporting as erroneous with the bureaus. Also if repossessed,the deficiency amount could possibly be settled for substantially less. If matters appear to escalate, you may need to consult with an attorney. Either way, know your facts, and be proactive in addressing.

Respectfully,

Christine Janklow

Business Debt

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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