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Earlier this year, I co-signed on a truck for my then-boyfriend. I recently moved out of town and no longer speak with him except to remind him to make the truck payments. His responses are that he is trying to but not able to.

He refuses to give me the info on the bank. I looked up the dealership name on line and the number is no longer in use, and calling a nearby business revealed that the dealership is flat-out gone. The truck is on my credit, and I have a credit karma account, but the contact number provided for collections is disconnected.

I would be willing to pay for the truck if I got ownership of it, but he is unwilling to give it to me.

What are my options?

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    I cannot offer any help, but this can be getting very ugly. Learn at least a lesson from it - never co-sign on anything. – Aganju Oct 20 '17 at 22:01
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    Exactly. When you co-sign something, expect that it's very possible that you will wind up having to pay the whole amount yourself and get no benefit from the thing. – David Schwartz Oct 20 '17 at 22:28
  • I am on the title.. i remember seeing dmv title with his name then my name – Mireya Cordova Oct 21 '17 at 22:34
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Is your name on the title at all? You may have (slightly) more leverage in that case, but co-signing any loans is not a good idea, even for a friend or relative. As this article notes:

Generally, co-signing refers to financing, not ownership. If the primary accountholder fails to make payments on the loan or the retail installment sales contract (a type of auto financing dealers sell), the co-signer is responsible for those payments, or their credit will suffer. Even if the co-signer makes the payments, they’re still not the owner if their name isn’t on the title.

The Consumer Finance Protection Bureau (CFPB) notes:

If you co-sign a loan, you are legally obligated to repay the loan in full. Co-signing a loan does not mean serving as a character reference for someone else.

When you co-sign, you promise to pay the loan yourself. It means that you risk having to repay any missed payments immediately. If the borrower defaults on the loan, the creditor can use the same collection methods against you that can be used against the borrower such as demanding that you repay the entire loan yourself, suing you, and garnishing your wages or bank accounts after a judgment. Your credit score(s) may be impacted by any late payments or defaults.

Co-signing an auto loan does not mean you have any right to the vehicle, it just means that you have agreed to become obligated to repay the amount of the loan. So make sure you can afford to pay this debt if the borrower cannot.

Per this article and this loan.com article, options to remove your name from co-signing include:

  1. Get a co-signer release
  2. Refinance, consolidate, or modify the loan
  3. Sell the asset and pay off the loan

If you're name isn't on the title, you'll have to convince your ex-boyfriend and the bank to have you removed as the co-signer, but from your brief description above, it doesn't seem that your ex is going to be cooperative. Unfortunately, as the co-signer and guarantor of the loan, you're legally responsible for making the payments if he doesn't. Not making the payments could ruin your credit as well.

One final option to consider is bankruptcy. Bankruptcy is a drastic option, and you'll have to weigh whether the disruption to your credit and financial life will be worth it versus repaying the balance of that auto loan. Per this post:

Another not so pretty option is bankruptcy. This is an extreme route, and in some instances may not even guarantee a name-removal from the loan.

Your best bet is to contact a lawyer or other source of legal help to review your options on how to proceed with this issue.

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