Legal Question in Civil Litigation in Pennsylvania
Name taken off loan
I signed for a vehicle loan for my fiancee and now we separated. Is there any way I can get my name off this loan? He is not paying it on time and it is ruining what credit I have. Being a single mom I cannot afford a long legal battle and was hoping for an easy solution to this.
1 Answer from Attorneys
Re: Name taken off loan
You asked about co-signing a note.
This shouldn't be a long drawn out battle. Get a lawyer and have him/her arrange to have have a repo firm take possession of the car for you (it is actually your car and not his). You can actually do this yourself , as it is your car, but doing so can land you in trouble if you make any mistakes. At that time you can also determine whether or not to do a sale to a third party or offer the finance company a voluntary repossession.
Do not give any warning and don't take any time to do this. Make it happen immediately and then negotiate with the creditor to have the negative trade lines removed or resolved. You may have to pay something if you go the voluntary repo route but it will be less in the long run.
Good luck.
Regards,
Roger