Hi I unfortunately have a cosigned loan with my ex. With one year left on a five year loan, she has decided to stop making the payments. In our seperation agreement there is a clause that states whoever takes the asset takes the liablity/debt that goes with that asset. Since my name is on this loan and I am now making the payments, can I sue my ex for breeching the seperation agreement and get awarded the vehicle?
Cosigned loan default
- Thread starter DAVEW
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You can sue her for:
1. the amount you are out of pocket in payment of the loans, together with pre and post judgement interest;
2. if it adversely affected your credit rating you can recover a bit in damages; and
3. costs of the action.
You cannot sue her for the amount you paid and expect the vehicle in compensation. Taking the 4 out of 5 thing literally, she has paid for 80% of the vehicle. It would be unreasonable to cause her to forfeit her 80% because you paid 20%.
But yeah, you can sue for the amounts you are out of pocket and for any damages you have incurred. If it is less than $20k (I think) it would a small claims court matter.
1. the amount you are out of pocket in payment of the loans, together with pre and post judgement interest;
2. if it adversely affected your credit rating you can recover a bit in damages; and
3. costs of the action.
You cannot sue her for the amount you paid and expect the vehicle in compensation. Taking the 4 out of 5 thing literally, she has paid for 80% of the vehicle. It would be unreasonable to cause her to forfeit her 80% because you paid 20%.
But yeah, you can sue for the amounts you are out of pocket and for any damages you have incurred. If it is less than $20k (I think) it would a small claims court matter.
Tayken
Well-known member
I believe it is small claims court you would take the matter to. Furthermore, the title should have been transferred on the property and the loan too upon the separation agreement.
You can provide the lender a copy of the order and notify them that by oder of the court it is not your property etc.. It may set the lender on her and clear up the issue without having to go to court.
Good Luck!
Tayken
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