Auto repo

16 years ago

Family member divorced..ex having truck she cosigned be reposessed. When they divorced she sold her house and put money into cd at bank. If they go for and get a judgement is there anyway she can save her money. She owned the house 5 yrs. before he came along.

Lives in Texas..If she puts the money into an IRA can they still take it. She kept the vehicle with bigger payment but due to old child support issues the guy couldn't keep up with the pickup. She has about 25 from sale of her house. Has no retirement accounts at all, just the house money and she's 45. Thanks

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Comments (6)

Chemocurl zn5b/6a Indiana
16 years ago
I would think that she would be liable for the remaining amount owed on the truck. Maybe she could talk to the bank and explain that she is now divorced and she does not have the truck.

I'm left wondering if maybe she could just let them reposses the truck, and then she pay it off and then sell the truck to recoup her money.

I'm kind of confused here.
.If she puts the money into an IRA can they still take it.
Do you mean keep it, like in not have to use it to pay for the truck or what?
Or do you mean, she sold the house and can she keep all the proceeds?

I'd think such things as that would be covered in the divorce papers. She should have made the judge aware that the truck he was being allowed to keep, had your name on the loan. It is likely he would not have been able to keep it and ruin her credit by not paying for it.

If they go for and get a judgement is there anyway she can save her money.
Are you saying the divorce has not been finalized yet? Such things as the house, any equity growth in the five years, vehicles, loans, credit card that are owed money, should all be hashed out when things are finalized.
joyfulguy
16 years ago
If the bank repossesses the truck, they'll have some substantial cost associated with the respossession and won't be under much presssure to sell it for top dollar that might be available.

As she co-signed, they can almost surely come after her for the difference.

If such a path may be available, it would likely be best from her point of view if her ex- can sell the truck, if he can be convinced to do it, as there'll likely be a larger amount to pay the bank (bank won't have all of those repossession-associated costs).

Leaving less for her to ante up.

If he can be convinced to be a nice guy: either way, he loses the truck. There'd be a concern, also, if he might be willing to sell the truck for peanuts. Or keep all of the proceeds of sale ... in which case, she'd be stuck with paying the bank the whole amount left owing!

Had she kept the house, if she couldn't have come up with the money, she'd likely have had to sell it - but in some jurisdictions, the carrier of a non-collateralized loan can't force a home owner to sell the home in order to pay them.

Good wishes to the lady for being able to negotiate a reasonable result.

Try to avoid getting the various people involved mad: indulging one's self when faced by such temptations can be (usually turns out to be) costly in the long run!

ole joyful
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azzalea
16 years ago
What does her lawyer say? She needs to get good legal advice, from someone in her jurisdiction.

Best she not try to do something less than honorable, on her own--that could end up backfiring and costing her a lot more in the long run.
lucy
16 years ago
I would think that if the house was hers before they were together, then it would still be hers now (or the proceeds of it), but depending on whether he ended up on the mortgage, or local laws, it may be different.
zone_8grandma
16 years ago
I would think that if the house was hers before they were together, then it would still be hers now (or the proceeds of it),

Only if the husband never made any payments on the mortgage. Otherwise he could claim half of the increase in value from the time of the marriage until the divorce.
I hope she's getting competent legal advice.
GammyT
16 years ago
When she became a co signer she said I will pay the bill if he doesn't.

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Chemocurl zn5b/6a Indiana

joyfulguy

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