About 3 years ago, my wife asked me to cosign for her mom on a used SUV. She could easily afford the payments, but had a situation in her past that prevented her from getting the loan on her own. Her daughter would have cosigned for her, but she got a better rate if I did it.
Well, about a year and a half ago, the Mrs. didn’t want to be the Mrs. any more, so we went our separate ways. It was amicable, but now I’m left with a loan that I want nothing to do with, but can’t seem to get the ex-mother-in-law to re-fi or the ex to help her out. Any suggestions or am I stuck?
If the former mother in law could have paid the loan off, there is a good chance that she will.
it has been three years and there is not a problem, I doubt that there will be one now
after all you only have 2 left
YOu did nothing wrong here
so dont kick yourself
in fact
you should be laughing in about two years because they will probably WISH that they had stayed a part of your life
but look at it from the ex MIL’s point of view, why would she want to pay an extra 2k or more over the life of the loan just to free up your name?
that is not likely to happen…..
Just ride it out
contact the bank and make sure that they have all of your current information on file incase something does happen.
then just leave it alone
the MIL didn’t change just because your ex did
so dont take it out on her
if you were still married I doubt that this would be an issue
so try hard not to sweat it until there is reason to do so.
Most car loans are defaulted within the first year….so statistically speaking you are in a great place….
The car is worth more than what is owed on it (assuming she didn’t get screwed on the initial deal)
you’re stuck.
you needed to get this into the divorce agreement. no score now.
sorry sounds like you are stuck
Take her to small claims court. You can find the forms on your county’s website. You don’t have to put up with this.
You are stuck. Small claims court will not help you since you entered into the agreement.
If she does not pay and the bank repos and sells the SUV, you may be stuck owing the difference between what she owed the bank and what they sold the SUV for.
If you are worried about your credit, then I would recommend you contact the bank each month and make sure the payment has been made, and if it has not, make arrangements for them to pick up the SUV, you pay it off and then they give it to you.
If your name isn’t on the title, it’s not your car, so you have no rights. Only obligations. Sorry to be the bearer of bad news but this is why cosigning is a bad idea. Just hope she keeps paying, so you don’t get late payments and a repo on your credit report.