BigLizard

So, I'm getting divorced on Friday (yay!), and I have one more item that is tied between her and I. It's her car. It's a 2006 Mercedes-Benz C230 K Sedan. It's loaded to the brim.

Yet, she can barely make the payments; which are $610.00 a month. She says she has a job, but I have a hard time believing it. About 32,500.00 is left owed. Her credit and my credit is awful. Nobody else can help her get another loan.

Repoin the car voluntarily is the last thing I want to do.

My question is to you...what can I do?

joerockt

Ummmm, sell it and take the loss?

BigLizard

She doesn't want to sell though...since she has no other means of transportation.

RaviNJCLs

iTrader: (4)

Then tell her that you need to transfer ownership to her ONLY. If she resists, then basically repeat that the only other option is to sell it and buy something more affordable for her to use.

Are you going to pay alimony?

BigLizard

No alimony.

Transfer ownership to her ONLY?

How's that possible without her getting a loan for herself?

Corrosion

Well, who's name is on the loan? Both of yours?

I believe you can transfer the loan and only have her name on it. If you don't you're just sitting on a timebomb that can go off at any minute and fuck up your already bad credit.

BigLizard

Both of our names are on the loan. We are both registered owners. Yet on both my name is first...So i can voluntarily repo the car any time I want to. And she can't do shit. Sure it would destroy her and my credit, but it's worth not having a phsyco talking to at any given moment.

I can transfer it into her name as long as she elects to. In which she doesn't want to, nore can she. Her credit is fucked. Her parents are the only ones that can help her.

I've looked almost every where and I've had a lot of people tell me to transfer it in her name, but the problem is, she fucked her credit with large credit cards because she chose not to work for such a long time after I kicked her ass to the curve.

Divorce sucks. I recommend not getting married at a young age.

asianspec

iTrader: (1)

i wouldn't risk it. bringing your credit for bad to good is really PITA. find a way to sell it.

RaviNJCLs

iTrader: (4)

I meant for her to basically buy the car from you and getting her own loan. It will take a while for you to build your credit back up. IMO, I would sell it and take a hit. Or get her to buy it from you.

joerockt

Did you read the first post? Already said they couldnt get another loan.

OP: Why would you risk having it repoed and owe even more money and shoot your credit to complete hell then just sell it so she can just buy her own cheaper car? You have to talk her into it somehow.

phipark

The only way for you to get your name off of the contract, into hers only, is to refinance with another financial institution. However, it doesn't sound possible.

I assume you guys are upsidedown? How far upsidedown?

Have you tried trading down?

Also, it doesn't matter whose name is first. You are both equally responsible. If all else fails, it's best to voluntarily surrender the unit at the dealership. You will show a voluntary repo on your credit instead of an involuntary.

Another option is to file bankruptcy.

Is this car the cheaper of the two? Why not give her the cheaper one?

eve

I would sell the car and get something used/cheaper. If you think she has no job and is unable to make payments, she does not need to drive a MB


Find a way to sell it and work on improving your credit score. You have plenty of time to buy another MB.

fuzzy02CLS

iTrader: (2)

Options....

Sell it, take the loss
Transfer full ownership to her
Repo it

In any case if she refuses to do any of it you need to get a lawyer & court involved. Do you have a lawyer now? They should have advise for this type of thing.

phipark

To the people saying, sell it and take the loss...the finance company won't release the lien/title until the entire contract is paid off. Nobody is going to buy a vehicle without a clear title.

michiamo

How about not signing for a car you know damn well you can't afford. I'm sorry, but nobody NEEDS a 40k car.

michiamo

This is true. Also, either one of you can voluntary repo at any time w/o the other's consent. My advice - do not let it go repo - voluntary looks just as bad as involuntary, the only thing you save is the money to pay the repo man. When they sell the car at a loss, they'll still be looking to you for the difference. Looks like the soon to be ex needs to find a higher paying job or work more hours.

AdamNJ

You said only her parent's could help her. What about that route/talking to her parents about helping their daughter who apparently has an expensive taste for things she can't afford. Sell it and buy something half the price/lease until she can get better with her credit/save money.


You really want to get your name off the responsibility list asap. You don't want this to screw you/the bank to come looking for you after she doesn't pay.

fuzzy02CLS

iTrader: (2)

The owner would need to pay the difference of course. Still better then a repo & ruined credit.

phipark

That is true, companies don't really care, a repo is a repo. I just tell my customers that so they give up their damn car that they can't afford.

GIBSON6594

have someone steal it and collect the insurance

doopstr

Sell it, get used Accord. Tell her she isn't rich anymore, too bad. Having two fancy cars and bad credit sort of screams you are living above your means.

RaviNJCLs

iTrader: (4)

michiamo

Ya gotta do what ya gotta do, lol.

michiamo

Then end up in prison.

* > prison

michiamo

fixed

CGTSX2004

iTrader: (1)

Just sell the car and suck up the difference. Consider it a fee to get out of what sounds like was a terrible marriage and chalk it up to a lesson learned.

GIBSON6594

BigLizard

Wow! Lots of responses from this. I appreciate all the feedback.

I've looked at all different avenues and aspects. Talked to the bank, got some legal advice, talked to people that all saying the same thing you guys are saying.

BUT...

What has really come down to is this-

1) She agreed to be the sole proprietor of the car. Yet she does not want to refinance, she told me this verbably plenty of times.

2) She has defaulted on the car payment just yesterday.

3) I have to now weigh the consequences of my actions. Have it repoed or have her be the driver of the car and wait and see if she defaults again.

4) Maybe let the judge decide? if thats a smart move.

5) Even if I do repo it, yes money will be owed back to the bank but at least I don't have to worry about it any more.

To those who think I lived outside of my means...I didn't. At the time I was making good money and bills were being paid and having extra money left over. Now all these bills have stacked up from the divorce because of HER and it's time to pay the piper.

My family is telling me to warn her of the repo (besides my brother). I'm thinking no, because then she'll hide the car till Friday, or hide it indefinately. So either way that car is going .

I'm done with her screwing around on me. She has done it long enough.

Good thing about a voluntary repo is that it can be explained. Having payments being defaulted time and time again will make my credit worse.

KCPreki11

Make her get a cheaper car...You really need to get it out of your name. And I wouldn't trust her anymore if she's already defaulted on the payment.

BigLizard

^^^^^^^Not possible. She's irrational.

Better idea. Contest on Friday about the benz. Repo car the following day.

JJ4Short

Don't depend on the law, the law ain't worth shit. I get calls all day
"The judge said she has to pay for the car, its hers"
"Sorry sir the courts have nothing to do with this you are still responsible"
Law has nothing to do with nothing if she can't get a loan and she can't pay for it she can't get in trouble, can't arrest someone for not being able to pay their loan. Plus court systems don't control the banks, only the government does (like when they wipe out accounts of dead beat dads).

I get divorce calls ALLLLLLLLLL day and they are the worst because of guys like you who's wives can't afford stuff after the divorce. First thing I would do is use your extensions, if your bank offers extensions or interest only payments. Mine gives 3 at a time if need be, 3 months worth of no payments can give you time to sell the car.

Selling the car, sell it for as much as you can and eat the rest, try to get a loan to pay the rest...I don't know how easy that would be. Or if you have credit cards that can take care of the rest of the value.

Go upside down, trade in the car and take the upside down amount and get a 10,000 dollar car...add the rest of the money on top of it, if that is an option.

If you both have bad credit or knew about this divorce for a while, hindsight is 20/20, but you should have gotten rid of lux cars long ago.

Reality: It will be repo'd because you are assed out.

BigLizard

Fixed!


Don't matter to me bud. She shouldn't have said "I can take care of it." When she knows damn well she can't. It's not my problem after Friday. I'm going to ask the judge what "Is going to happen if she happens to default on her payment?" And "What" is going to occur if she does default again?" AND"I will not be responsible for the car."

Basically, she's not going to have the car. I can easily take it out from under her. If I get it without repoing it, then I have a buddy that can sell it for me pretty easily. I just have to come up with the difference. I know the bank doesn't care who pays for it just as long as they get paid. I just want the court to know that there are going to be stipulations if she takes the car.

It has to be in her name, and her name only. If she can't do that. Too bad, so sad.

joerockt

Check this page out, and focus on point #2:

http://www.divorcenet.com/states/new...ns_and_divorce

Seems it dosent matter what the court says. If your name is on the loan, your responsible for paying it. Period.

Sucks...

BigLizard

^^^^^Ouch @ point #2. Yeah, I figured that.

Rpappi

damn tom this divorce in never going to end. it just keeps going.
get that car taken out of your name anyway possible. its going to hurt your credit either way. but better to end the pain of the credit now and start building it back up.

NSXNEXT

iTrader: (2)

I hope you're starting to realize that is far from the case. Voluntary or involuntary doesn't really mean a lot.

Read this article: http://www.bankrate.com/brm/news/DrDon/20060629a1.asp

Granted this person has a leased vehicle, the principle is the same.


Good luck.

phipark

As everyone else has said, the law and/or the judge can't do anything about this contract. The contract takes precedence over any judicial decision.

What do you mean by defaulted? One day late or 30 days late? The reason I ask, is because different finance companies have different guidelines when they will repo a car. Who's financing it? Small banks tolerate less time compared to large finance companies, ie GMAC.

You could possibly get extensions, but that's just the short-term solution. If she can't afford it, she can't afford it.

BigLizard

defaulting = late payment = 10 days or less

She couldn't make the payment so she had to ask her daddy. The loan is through BECU.

What I meant was that it would be out of her possession unless she chooses to refinance, in which that would not include my name.

bkknight369

why cant you just get your name removed from the lein?

BigLizard

Because we got the car jointly....

joint account = not smart

I new I should have just got the car in my name only...