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I put a car in my name and my fiancé was the co-signer for a lease because his credit wasn't good. Now we aren't together and he stopped paying and everything is on me. I also leased a new truck from Acura. I called police to have them retrieve the car, but since he is the co-signer, I was told to contact Acura and have them repossess it.

Is there anything I can do to get my car and not to destroy my credit?

  • This is a pretty bad situation. Where are you located? This is probably more of a legal matter, but you can get some info on the personal finance side from us. Clearly you know this was a bad plan and why, so I don't expect you will see that kind of answer. – MrChrister Apr 23 '15 at 17:41
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    To clarify, is the car title in your name only, and not his? – Ben Miller Apr 23 '15 at 17:50
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    I saw this same thing on judge judy. Take him to small claims court and get a court order for him to hand the car over to you if you're making payments for it. Then you can sell it. – Anthony Russell Apr 23 '15 at 17:55
  • If your name is on the title you could even have additional liabilities for unpaid parking tickets, speed/red light camera tickets, or possibly accidents. This poor woman for example. – Spehro Pefhany Apr 23 '15 at 18:37
  • I'm confused. Is the car an Acura? Or is your truck an Acura? Both? I'm not sure of the importance of why you are mentioning your leased Acura truck and what that has to do with him. Regardless, whoever is the lienholder on the car is the party you should be contacting to get the car retrieved. – zanussi Apr 23 '15 at 19:10
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The only way you'll avoid destroying your credit is to satisfy the loan. Since both you and your ex are cosigners, you are both responsible, and both of your credit reports will be damaged if the loan is not satisfied. Since he is not paying, it is up to you.

You'll either have to keep making the payments, or sell the car and pay off the loan.

I don't know how to get the car back, but if the car title is in your name and not his, that should help you.

7

You have made a mistake, and you need to unravel the mess.

Oops, bad idea, don't do this,

I put a car in my name and my fiancé was the co-signer

First clue,

because his credit wasn't good.

Ugh, he sounds dishonest, morally challenged,

Now we aren't together and he stopped paying and everything is on me.

Ouch, added expense, this is going to cost a lot of money,

I also leased a new truck from Acura.

You may need a lawyer, police are not lawyers, so this is not surprising,

I called police to have them retrieve the car, but since he is the co-signer, I was told to contact Acura and have them repossess it.

You have three main things to resolve, and a number of tasks to unravel each,

  • You need to retrieve the car
    • Since the car is in your name, it is your car, you need to retrieve the car
    • Check the laws in your state regarding retrieval of your car.
    • You may need a lawyer to get the car back
    • Do you have a written agreement that he can retain possession of your car?
    • Do you know where the car is located?
    • Can you contact him to serve paperwork, locate the car or get the keys?
    • Do you have a key? Do you have paperwork showing that the car is yours?
    • Do you have a place to keep the car where he cannot take it?
  • You need to preserve (or repair) your credit
    • You need to keep paying (for both vehicles)
    • Contact the leasing company
    • explain to them that you are handling the problem.
    • keep paying for the car, or work out how to handle any arrears
    • can you return the car to them without penalties? what are the penalties?
  • Resolve whether to keep or sell the car (or the truck).
    • You will have two vehicles (C) 'his' car, and (T) 'your' truck.
    • Can you afford to pay for both vehicles?
    • If not, then you will need to sell one vehicle.
    • Do you want to keep both vehicles?
    • If not, you need to sell one.
    • You need to decide which vehicle to keep, the car (C), or the truck (T).

Good Luck!

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    Good practical advice. Taking the car back, and getting it rekeyed so it can't be taken again, is the first step. After that, sell what you must and pay off the loan. If the ex interferes with any part of this, that is something the police can help you with. – keshlam Apr 26 '15 at 0:45

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