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Steinlaw
Steinlaw, Attorney
Category: Legal
Satisfied Customers: 1811
Experience:  8+ years as an insurance adjuster, 7+ years as a personal injury and consumer law attorney
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My boyfriend, Gary, bought a car with his ex girlfriend. They

Resolved Question:

My boyfriend, Gary, bought a car with his ex girlfriend. They split, and she kept the car for the past year. Her credit sucks, so she cannot refinance the loan into her name only. She can no longer afford the car and no family or friends or her ex husband can help her.

She now has asked Gary to make half the payments. My boyfriend is currently incarcerated until February, so can't pay any bill whatsoever. She sent a message to Gary's brother as follows:

"Here is the plan for the car. I am hoping that you will pass this on to Gary, Please. I am in the process of buying a little very inexpensive car. I am going to be giving the car back to Gary - he can do with it what he wants. I have not been able to make the August payment. It is late as of the 9th. I tried to borrow the money, but no one has any money to loan me. :( PLEASE PLEASE PLEASE Talk to Gary to let him know this. If he decides to keep the car, it will be easier on him if he makes the August payment. I will make sure to deliver it to him (or drop it off at your moms) just as soon as I get another car - hopefully this week or next the latest. I am also changing all of the contact information to Garys information with the lender. I will let you know just as soon as I get the other car to let you know when I am dropping off the car."

What can Gary do? The payment is $550.00 per month and the payoff is over $19k. The car is only worth about $12k. He's in jail, so he's beside himself about saving his credit.
Submitted: 6 years ago.
Category: Legal
Expert:  Steinlaw replied 6 years ago.
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Steinlaw :

He should let the car be turned in via a voluntary repo. Then if they come after him for the balance he can file for bankruptcy.

Customer: replied 6 years ago.

I don't think bankruptcy is a good option.

Expert:  Steinlaw replied 6 years ago.
Is there a moral objection to bankrptcy or something else? With that information, I can work on some other options.
Customer: replied 6 years ago.

We want to buy a house next year. Bankruptcy stays with you for 7 years, right?

 

Expert:  Steinlaw replied 6 years ago.
With a repo on his record, he is not going to be able to buy a house in the next year anyway. As a cosignor he is responsible for the loan and can be sued if it is not paid. He could make the payments and then sue the ex for half of the money, but she probably would just file for bankruptcy and avoid paying him. There really is no good solution to this. Sorry!
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