Ex Wife is ruining my credit.

[richchiarito]

New York State. In August my ex wife was getting a large sum of money from our divorce settlement. She needed a car and the money wasn't coming in for about two weeks later. She had told me about it and I had offered to take out the loan for her and get the car and she would pay it off when the money arrived. About 1 week later the money was in. She then paid only three quarters of the loan and has five more payments left. This isn't what we agreed on. She was supposed to pay the car in full. I have the title. I get a call from the bank that last months payment hasn't been received yet. She refuses to answer my texts or calls and told her mother that she will not pay the rest of the payments unless she receives the title. What do I do? She is ruining my credit. Thanks

 

[sandyclaus]

New York State. In August my ex wife was getting a large sum of money from our divorce settlement. She needed a car and the money wasn't coming in for about two weeks later. She had told me about it and I had offered to take out the loan for her and get the car and she would pay it off when the money arrived. About 1 week later the money was in. She then paid only three quarters of the loan and has five more payments left. This isn't what we agreed on. She was supposed to pay the car in full. I have the title. I get a call from the bank that last months payment hasn't been received yet. She refuses to answer my texts or calls and told her mother that she will not pay the rest of the payments unless she receives the title. What do I do? She is ruining my credit. Thanks

She isn't entitled to the title unless she has paid off the car. You do realize that once she has it, then there isn't a chance of ever getting it back, right?

Advise her that if she fails to make the payments as agreed, you will repossess the vehicle. After all, it's yours (per the title) and the loan is in your name as well. Once in your possession, you can sell the vehicle to try to recover your losses.

 

[Antigone*]

New York State. In August my ex wife was getting a large sum of money from our divorce settlement. She needed a car and the money wasn't coming in for about two weeks later. She had told me about it and I had offered to take out the loan for her and get the car and she would pay it off when the money arrived. About 1 week later the money was in. She then paid only three quarters of the loan and has five more payments left. This isn't what we agreed on. She was supposed to pay the car in full. I have the title. I get a call from the bank that last months payment hasn't been received yet. She refuses to answer my texts or calls and told her mother that she will not pay the rest of the payments unless she receives the title. What do I do? She is ruining my credit. Thanks

You have the title to the vehicle and yet the bank has not yet been paid off? How did that happen?

If the loan is in your name, then you bear the risk of your credit being damaged. You did have the option to say NO.

 

[BL]

You have the title to the vehicle and yet the bank has not yet been paid off? How did that happen?

If the loan is in your name, then you bear the risk of your credit being damaged. You did have the option to say NO.

NY Titles can have a lien on them .

[U]http://www.nydmv.state.ny.us/broch/c19.htm[/U]

Once the lien is satisfied then the issuer sends a letter the debt has been satisfied , making a sale or ,transfer of title at the DMV possible.

I would suggest retrieving the vehicle and make the payments so the bank will not reposes it, if X will not oblige you.

 

[Antigone*]

NY Titles can have a lien on them .

Once the lien is satisfied then the issuer sends a letter the debt has been satisfied , making a sale or ,transfer of title at the DMV possible.

I would suggest retrieving the vehicle and make the payments , if X will not oblige you.

Thank you BL. I was not aware of that. I do not see that the OP has a legal course of action against the OP insofar as ruining his credit. He did that all on his own, when HE didn't make the payments HE promised to make.

 

[BL]

Thank you BL. I was not aware of that. I do not see that the OP has a legal course of action against the OP insofar as ruining his credit. He did that all on his own, when HE didn't make the payments HE promised to make.

By the sounds of it he was sent a letter just last month . I don't think the bank has taken any action yet .

He NEEDS to make the payments if X doesn't .

He NEEDS to retrieve the auto .

He then can do with it what he wishes after it is paid off.

There is only five more payments .