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I Signed for a Car for My Ex-Boyfriends Brother. – Jessica

“Dear Steve,

I signed for a car for my (now ex) brother in law. It is a very expensive car. Its been in my name for about a year now, and as of right now, there is about 37,000 left on the loan.

He has been habitually late, 30+ days late, 9 times! I am not with my boyfriend anymore and it is a nightmare to even get ahold of his brother to pay it. It is late right now.

My question is, should I have the car reposessed and turn it into the bank? I am 27 years old and have ok credit.

I also have another car (my car) that I have had for a year also. I dont want to lose my car if I have his repossessed.

I also understand that I may be liable for the remainder of the balance. Should I just take the hit and do it, or risk having him late every month?


Dear Jessica,

So the car is actually in your name only? And the financing is in your name only? If that’s the case then it is your car.

kicked_in_the_nutsBut with things like this I always hate to assume you can just go and get your car. It’s really worth paying a couple of hundred dollars for you to meet with a local attorney who is licensed in your state and find out what the law is regarding you just taking the car back.

If you are willing to pay the default judgment on the car then maybe you’d be willing to make the payments on the car or sell it instead.

The late payments are already hurting your credit, if it is in your name, a voluntary repossession and a $25,000 judgment against you are not going to be fun to deal with.

You see if the bank repossesses the car they will sell it at auction for a significant amount less than what is still owed on it. The signer of the loan will be responsible for that big amount due.

If there is one good thing to come out of this it would be for you to learn never, ever cosign for anybody, for any reason unless you are willing to pay the bill yourself.

I’d love to know what happens next after you talk to a local attorney. Let me know.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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