So in other words, the law would allow you to repossess the vehicle, but since it's co-owned, you can't keep it from the co-owner. Also, you can't sell it without their consent, so consider one of those options.
Everything you both own is considered marital property unless it is excluded by prenup or it is inheritance. In a divorce the court determines what is excluded. If they were purchased or paid for during the marriage, they are marital property and won't be excluded.
He can not take it away from you. But, if you are both in the title & registration card, you are both co-owners too. If you are in the title alone, it is your car.
In California, if you default on a loan secured by your car, such as an auto loan, the lender has the right to repossess the vehicle. However, once you have paid off the loan, you become the legal owner of the car, and the lender no longer has the right to repossess it without legal cause.
It's likely they seized the car. If the car is worth more than the loan, then they'd auction it, pay off the loan, and keep the rest. If the car is worth less than the loan, they'd auction it, put the proceeds toward the loan, and leave your friend in debt for the difference.
The following kinds of personal property are exempt from debt collection and cannot be seized: Household goods, like furniture, clothing, and appliances. Medical equipment, such as a wheelchair.
For married couples the rule of thumb is for each spouse to individually own the car they drive. The reason for this is to limit liability in the event of an accident.
Yes, as the co-applicant for the auto loan you have have the right to repossess the vehicle.
It is important to note, however, that a co-borrower has equal ownership in the vehicle. Be sure that you and your co-borrower understand and agree to any terms before applying. If your co-borrower ever wants to remove themselves from the loan, you must refinance again to remove them from your policy.
Reporting a car stolen when your spouse took it can have both legal and personal repercussions. Legal repercussions for your spouse: If the car is considered personal property and not marital, your spouse could face criminal charges.
Yes, the name on a car title can impact insurance coverage. Insurance companies usually require the policyholder to have an insurable interest in the vehicle, meaning they either own the car or have a significant financial interest in it.
No, she cannot keep the car. Hire a good matrimonial attorney and have him/her go after the car through the courts.
If your lender can't locate your vehicle to do a "self-help" repossession, they can still sue you for the vehicle. This will involve a small claims case, where the judge will order you to give the car to the lender. You might even be compelled to Court to provide testimony about the location of the vehicle.
Although liable for payments if you default, the cosigner doesn't share vehicle ownership and won't be on the car title. They also generally don't make the regular monthly payments. Co-borrower: A co-borrower shares financial responsibility and ownership of the car from day one.
The order of the names on the title do not matter.
Co-Ownership Pros:
You will have an equal say in all decisions regarding the car, such as repairs, modifications, and selling. You will be equally responsible for making payments on the car loan, so if one person defaults, the other is still on the hook.
Yes, in most cases, co-applicants have equal rights to occupy the rental property or ownership in the case of a loan. If they are renting, both are listed on the lease, and if they are purchasing, both will typically have ownership rights, depending on the loan and title arrangements.
In Joint-ownership cases, in order for one partner to be removed from the title, or for one partner to take on full ownership of the car, the car loan must be paid off either out of pocket or through re-financing.
Most of the time no, the person is not going to be responsible, but there are times specifically if they're your employer, if you're running an errand at their specific request behest or if you are a family member living with them, then they might be responsible.
Report the car as stolen because that is what it is if you did not give permission. Since you are only one on title, she cannot defend why she currently possesses it. Call them and repot it stolen.
Community Property With Right Of Survivorship (CPWROS) Only married couples can use this form of title in community property states like California. This is a very popular method for married couples because it really protects spouses in the case of titles.
Debt collectors cannot harass or abuse you. They cannot swear, threaten to illegally harm you or your property, threaten you with illegal actions, or falsely threaten you with actions they do not intend to take. They also cannot make repeated calls over a short period to annoy or harass you.
Perhaps the most common debts that cannot be discharged under any circumstances are child support, back taxes, and alimony. Here are some of the most common categories of non-dischargeable debt: Debts that you left off your bankruptcy petition, unless the creditor had knowledge of your filing. Many types of taxes.
Your car is considered personal property, so it may be protected by your state's motor vehicle exemption. This exemption allows you to keep a certain amount of equity in your vehicle safe from creditors. Equity is the difference between your car's current market value and what you still owe on the loan.