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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
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Experience:  practicing attorney including bankruptcy
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My boyfriend co-signed a loan for me for a car. Weve ...

Customer Question

My boyfriend co-signed a loan for me for a car. We''ve lived together for 4 years now. He declared Chapter 13 bankruptcy. The lawyers put him as owner of the car, but I''m the main holder of the loan. The finance company refuses to take any payments from me. If I was to leave, can I legally take the car? If so, how can I pay for the car, so to get the legal title and ownership of the car?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Marcus Parker replied 6 years ago.
You say you are the "main holder of the loan". Does that mean that you are shown as the buyer on the loan paperwork? Is the registration in your name? If so, why is the finance company refusing your money and asking you to sign it over to him?
Customer: replied 6 years ago.
Yes I am the buyer of the car. He is listed as the co-buyer. The registration is in both names. I do not know why they are refusing my payments. They(the finance company) told me that the loan would be paid in full in 5 years. I tried to explain to the finance people that I was not in bankruptcy and that they were ruining my credit and they told me to just sign the car over to him. The lawyers told the bankruptcy people that he was the owner and they did not ask for proof. I had the paper work when he filed for bankruptcy. His lawyers would not listen to anything I had to say because I was not declaring bankruptcy with him. I traded my personal car for the new car and the dealer paid off a personal loan that had my title for collateral.
Expert:  Marcus Parker replied 6 years ago.

Unfortunately, I am not your lawyer. Because if I were, I would call the fianance company and ask them for an explanation directly.

You should write them a letter (keeping a copy for yourself) explaining your position and attaching copies of the paperwork showing you as co-buyer. If they will not take the payments, put the payments in a separate account. When the amount owed on the loan is in the account, demand that they give you title in return for the money.

Customer: replied 6 years ago.
I do not understand your answer. How would I show them I am the co-buyer when I am the buyer? What kind of account should I start in order to be able to obtain the legal title?
Expert:  Marcus Parker replied 6 years ago.

You started this thread by writing that "My boyfriend co-signed a loan for me for a car. " That's what I mean by "co-buyer".

I am suggesting that you put this money in a regular savings account. Do it like clockwork, every month, by the date your loan payments would be do. Don't borrow from this account for any reason.

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Marcus Parker
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practicing attorney including bankruptcy