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About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

You are here: Experts > Shopping > Credit/Debt Management > Creditors and Bankruptcy > cosigner of car loan

Creditors and Bankruptcy - cosigner of car loan

Expert: Regan Shinski - 11/1/2009

Question
my x husband was awarded all rights and responsibility of his 2006 car in our divorce, it is financed with gmac there is still 9,000 owed on it. he just died and had not refininced the loan yet to remove my name. my son says i hve no claim to the cr other than to pay for it as evrything was left t him / is that true?

Answer
No. He can't have it both ways. He either has to pay for it or give up the vehicle if your name is on the title and loan. The next step may be for you to literally repossess the car. Short of selling it or him refinancing it in his name, repossessing it may be the best thing for you to do.

Try and keep the emotions out of it. I can't tell you how many times this turns out bad for people like you. You either have to get your name off the title/loan through a refinance or purchase or you have to take the vehicle back - quickly!

So many bad things can happen. The car is naturally depreciating every day. Because he's not paying for it or legally tied to it, it's often not maintained or driven carefully causing massive engine or body damage. Insurance often is not kept up to date. I'm not trying to be doom and gloom, but I'm telling this happens a lot! You need to get your name off that title or get the car back in your possession. IMMEDIATELY, you need to verify there is insurance on the car. In some states, you can be liable if this vehicle is in an accident, if the car gets impounded, or if tickets are issued.

MAYBE - and I hesitate to say this because I really don't think this the best idea - maybe you could have him sign a new contract spelling out his responsibilities and payment schedule. If he breaks it, then take it back immediately. Be sure to include specific payment dates, insurance requirements, maintenance and repair obligations, and the ramifications you can take if he doesn't comply.

I'm really sorry for your loss and that you are in this position. Don't compound it by making the mistake of doing nothing.

Good luck,
Regan
mbscompany@aim.com

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