What can I do about my brother not paying his car loan that is in my name?
dimplefaceddoll2002 asked:
Six months ago, I signed for a loan for my brother to get a car. He has only made two payments on the car so far, both so which have been late. He moved to another state and won’t return any of my phone calls or send any money. Is there any way out? He has terrible credit so there’s a small chance that we could refinance in his name. I do plan on getting the car back from him even if I have to call the police and say that he stole it, but what to do next? I definately can not afford to pay for it myself. If I go through a voluntary repossession, my credit (which I have worked really hard to maintain will suffer. I could sell, but probably won’t get the entire balance owed. Please help! I need some really good advice.
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Six months ago, I signed for a loan for my brother to get a car. He has only made two payments on the car so far, both so which have been late. He moved to another state and won’t return any of my phone calls or send any money. Is there any way out? He has terrible credit so there’s a small chance that we could refinance in his name. I do plan on getting the car back from him even if I have to call the police and say that he stole it, but what to do next? I definately can not afford to pay for it myself. If I go through a voluntary repossession, my credit (which I have worked really hard to maintain will suffer. I could sell, but probably won’t get the entire balance owed. Please help! I need some really good advice.
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Tags: Car Loan, Refinance, Send Money
February 21st, 2009 at 5:12 pm
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small claims court-it’ll put a judgement on his credit, but if he has bad credit, he wont care.
tell mom! she’ll work on it for you.
February 24th, 2009 at 3:24 pm
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Unfortunately, this will go on your credit. I went through a similar situation. Since it’s in your name, you’re going to have to bit the bullet. Report the car as stolen, get it back, and find a way to get the payments. If you go through voluntary repossession, it goes on your record as a default. When they get the car back from your brother, press charges!
February 25th, 2009 at 6:25 pm
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Unfortunately, since the loan is in your name, you are responsible for the payments. The best thing you can do is get the car from him and sell it, ASAP. You may have to take a loss, but it is better than ruining your credit.
Best of Luck to You.
February 28th, 2009 at 9:11 pm
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call the police and tell them your brother stole your car. Do not enable him to continue to use the vehicle. You can call the insurance company and tell them the vehicle was stolen.
March 3rd, 2009 at 1:34 pm
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first question. WHO is listed as the owner.
You? Great call the local police and report it as being ‘unauthorized’ driver. Not as stolen. they the police will pull him over and impound the car , u will go ut with correct papers and Pay to get it release to YOU.
now u can work on selling it at afair price.
Your Brother? name. Bend over .
NeverEver do a Cosign Screw Loan.
vist daveramsey.com to learn what u haven’t about ur money. suggest 2 more parttime jobs to keep the car payments up till u can straighten this out or get use to cash life.
March 4th, 2009 at 3:50 am
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I believe the answer you’re looking for can be found on this site. They’ve got lots of info about the subject.