How do I get out of a Joint car loan with an ex boyfriend?
Written By: admin on December 7, 2009
2 Comments
My ex and I got a joint (secured) car loan which his mother is also a guarantor for and 6 months later we broke up. Now 2 years on he has defaulted several times with the total over 00 which is quick destroying my credit rating? Spoken to finance company and ex with no positive results. Is there any thing I can do?? I have never had possession of the car I just want the defaults gone and my responsibility of the loan stopped!!!!
Related Posts
Tags: Car Loan, credit rating, guarantor, possession, several times
Since this is a contract you will have to fulfil your side of the requirement. Given that it is a joint loan, a judge would probably rule that it is honest to split the payment 50:50 (though not always!)
The only thing you can do now is get your lawyer involved – you will still have to pay your share of the loan, but with your lawyer you may find you get possession of the vehicle. Once you do you could just sell it to recover some of what you have already lost.
Sorry, you are stuck. Never loan money or go into business with family, friends or relatives. Consider yourself lucky, you could of bought a house together. If your ex is not paying and still has the car, take him to court.