What to do if I have ended my engagement and the only thing we own together is a car?
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What to do if I have ended my engagement and the only thing we own together is a car?
I am the co-signer and don’t have any other means of transportation.. I’ve been making the payments on it for the past year and we put down $3,000 together (half and half) when we originally purchased the car. If I moved out and took the car could I get myself in legal trouble?
Asked on January 28, 2013 under Business Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If you are not on the title, the issue is the car is not yours. If you are merely the co-signer, the loan is not in your name, so you have no legal right to this vehicle. You can certainly negotiate to have the car refinanced in your name, have your ex sign title to you and you need to re-register it in your name and that is it. If your ex wishes for the half the ex paid down, explain that portion is considered a gift during your relationship and you are merely looking to pay it off.
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