Car repo question

[Carter Jean]

What is the name of your state? CA

Here is the situation. My ex wife got her car (that I co-signed) repoed. They sold the car in auction and now have a balance left owed on the car. She isn't paying it and they are coming after me (although it was allocated to her in the divorce. She and her new husband tried to declare bankruptcy but were told they couldn't. They have a house, which I do not, and toys, etc. In other words they have more money than me). My ex says she can't get a loan to pay it off or doesn't know how too? Is there some debt conslidation loan she can get to pay this off?

Also, I never got notice of the car being auctioned off... since I was a co-signer, should I have bee notified ? They said they did not have my current address on file so they aren't responsible for notifying us... shouldn't that have at least tried, even send the notice to our old address? Cause I don't think they even did that.

Lost & Confused

[JETX]

Originally Posted by Carter Jean

Is there some debt conslidation loan she can get to pay this off?

Who knows?? But that really isn't relevant. You, as co-signer, are liable for the loan on her default... and that is all that the creditor cares about... getting payment from her or you.

Also, I never got notice of the car being auctioned off... since I was a co-signer, should I have bee notified ?

Should you?? Yep.
Are they required to notify you?? Nope.

They said they did not have my current address on file so they aren't responsible for notifying us... shouldn't that have at least tried, even send the notice to our old address?

Not required.

Pay for her car that you co-signed.... then go after her in court for what you had to pay.

[justalayman]

Well, the first thing which apparently (hopefully) figured out is that a divorce decree does not over ride a contractual agreement for a loan (or mortgage).

If your name is on the loan before the divorce, it's on there after BUT since the judge ordered the car to her and presumably the payments, she was obligated through that order to pay for the thing. Since she didn't and the car was repo'd, you now are still obligated to the finance copmpany but you have the right to sue her for the money IF any you end up paying out because of this.

The rest is irrelevent.

[Ladynred]

Also, I never got notice of the car being auctioned off... since I was a co-signer, should I have bee notified ?

Yes, actually, you should have been. Look up the UCC Article 9, co-obligors MUST be notified, the same as the primary.

The divorce has no bearing on the fact that your name was on the loan. I wish divorce attorneys would stop leading people to believe that this division of debts has ANY legal weight where creditors are concerned. The only parties affected by a divorce decree does are the people that are divorcing.

[debtcollector`]

Originally Posted by Ladynred

Yes, actually, you should have been. Look up the UCC Article 9, co-obligors MUST be notified, the same as the primary.

The divorce has no bearing on the fact that your name was on the loan. I wish divorce attorneys would stop leading people to believe that this division of debts has ANY legal weight where creditors are concerned. The only parties affected by a divorce decree does are the people that are divorcing.

In most cases you are right LNR, I'll just call you attention to the often overlooked state of Maine. In Maine, the divorce settlement is binding on creditors.

DC

[Ladynred]

Interesting. I wonder how they enforce that ?