Q: Legal options on a outstanding car loans that I have cosigned
Hi, before my divorce (divorced for 2 years), I have cosigned a car loan for my ex-spouse (both of our names are on the title). As part of the divorce agreement, I agreed to let him keep things as is because his credit is not good enough for him to refinance the truck on his own. He supposed to make the payments directly to the bank and the insurance cost to me because the insurance policy is under my name. He had missed the truck payments for approximately 5 months, and have not made any payment for the insurance to me. The bank is harassing me. I do not know where he lives or work to tell the bank how to find him. I did give them his phone number.
What are my legal options since my name is on the title of the car? Can I sue him for access to the car so I can return it to the bank (repossession)? The truck is probably worth less than the balance of the loan. Am I responsible for the balance?
A: What does the judgment of divorce say about possession of the car? As to the bank - regardless of what the judgment says - they are going to hold you equally responsible for the balance.
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