I Financed a Truck for My Soon to Be Ex-Husband. – Elizabeth

“Dear Steve,

I made the huge mistake of financing a truck for my soon-to-be ex husband and the account is not in good standing. The payments have been late several times before and are again. I am separated from my ex and he is supposed to be sending me the payments to pay the truck but always has an excuse and now I can barely get ahold of him. I cannot afford to make the payments since I have a 2 year old daughter to take care of and no financial help. I know I should turn in the truck before the bank decides they are going to repo it to save on those fees. But I have a car that is already paid off and have been told that the bank can put a lien on it as payment for this truck. I cannot risk that happening since it is my only way of transportation. I would trade in both vehicles for another one and make those payments but I can’t- I have to pay for child care and cannot afford a car payment and child care.

My questions are 1) Does the bank have the right to take the car that I have paid off as payment for the truck loan? 2) How is the deficiency collected? (for example: Can I set up a monthly payment plan based on what I can afford?)


Dear Elizabeth,

I can’t see any reason why the bank could take your car but when the bank takes the truck back and sues you for the deficiency on the truck loan they could attempt to put a lien on assets.

You can setup a repayment plan on the deficiency, which will be big, but a payment plan is not based on what you can afford. It is based on what you and the lender can agree to. The lender is under no requirement to make you an offer you can afford.

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Once the truck is sold at auction by the lender, and typically for a small amount, you will owe the difference between that sales price and the loan balance.

Please update me on your progress by Damon Day - Pro Debt Coach

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