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Question
I assigned arbitrary names to make this easier to understand:
Situation: There is a car loan that Mary is the primary and Joe is the co-signer. Joe rolled $3000 into the loan itself from a previous auto. The new car's title is in Joe's name (Mary is not on it), and the car is registered to Joe. Joe made a promise to Mary when they broke up that he would make the payments on time so he could keep the car. Naive Mary agreed. Now, years later, Mary is finding out that out of 36 payments only 16 have been on time. She also had to make the last two payments herself so the vehicle wouldn't be repossessed and Joe wont pay her back for another month.
Question: Can Mary sue Joe to turn the car over to her so she can try to salvage her credit? In addition to obtaining the car, can Mary also sue for the initial $3000 that was rolled into the loan so that she doesn't have to pay for his old car as well?
I believe you may be able to sue and get the car back and possibly the $3000 if you can prove it.Ask for the two payments as well. Depending on the amount, you may do this in small claims court, otherwise you may need an attorney to represent you. It can be a complicated matter. You may also contact the finance company and ask them to repossess the vehicle and make an agreement to pay for it.
You may want to check the Municipal court in your area and find out the limits on small claims. If the balance is more than the limit go to your county or state courts. Talk to at least 2 attorneys before proceeding.
Good luck.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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