Auto Loans

[Dorn09]

What is the name of your state (only U.S. law)? Colorado

My ex - wife and I had 2 cars in both of our names. In the divorce she took one and I took the other. She is three months behind in payments and she just told me she will not make another payment. Is there anything I can do before she destroys my credit? She says she can't refinance because of her debt to income ratio. I do have it in writing in the divorce decree that she would take care of the car payment.

Thank you.

 

[seniorjudge]

Q: Is there anything I can do before she destroys my credit?

A: Yes; pay on the car.

 

[Dorn09]

And if that is not possible?

 

[seniorjudge]

And if that is not possible?

Then the creditor will get a judgment against you or her or both y'all.

 

[Dorn09]

Then the creditor will get a judgment against you or her or both y'all.

Any possibility that the creditor will only get a judgment against just her since I have it in writing that she would pay it?

Wishful thinking...

 

[mistoffolees]

Any possibility that the creditor will only get a judgment against just her since I have it in writing that she would pay it?

Wishful thinking...

No, the creditor will get a judgement against everyone whose name is on the loan.

You can then sue her to recover your share - but not your credit rating.

For right now, you have a couple of choices:

1. Go to court to have her forced to pay the loan. There's no guarantee that she'll comply.

2. Pay the loan yourself and then go to court to recover the money from her.

Of course, that's all contingent on your divorce decree explicitly stating who gets which car and who is responsible for the loan going with that car.

 

[Dorn09]

Thank you for the help.