Legal Question in Credit and Debt Law in California
The "EX" dilemma
On January 1, 1999 my girlfriend and I purchased a car with me being the "primary" buyer on the loan agreement; she being the "co-buyer" In March we broke up, naturally I would prefer not to be part of this inparticular loan agreement any longer. I have been informed that she must refinance the car to remove my name from the loan agreement. She has been informed about the refinancing option, however she isn't making any attempt at refinancing (she told me so)
She is making the payments (been late 2 times)The payments are only paying interest,nothing toward the loan amount(excessively high percentage rate). The maintenance of the vehicle is being neglected. Usage/depreciation of the vehicle is excessive (Dented door, mileage).
I don't want the car,I just want to be released from ALL liabilities legally (loan agreement, DMV). I don't want to repossess the car because that would be observed on my credit history.
My question is, what are my options?
1 Answer from Attorneys
Re: The
You have no options. Unless she agrees to refinance, you are stuck on the loan. You could have it repossessed by not paying but they will re-sell the car, credit the account for what they sell the car for and still look to you for payment. It might save you some money though.
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