You are a big hearted person to buy and finance a car for your ex. Not smart but big hearted anyway. Why didnt you take the time to CYA with a repo clause?? Couldnt find a real contract to copy?? Anyway, you have 2 choices;BE big hearted AND smart and GIVE the EX the car. Best choice. Next time, get a real contract.NO. 2. Take the car, ex is broke(behind), cant fight you in court, kickem while they are down. yeah, you can repo the car. good Luck.
The bank can repossess the car if payments are not made.
Assuming you are referring to the Bill of Sale, then the purchaser(s) of the vehicle should be the ones named with the lender being the lienholder until the vehicle is paid for.
Not legally, but if you bought the car from Barney's backyard sales & mower repair, maybe.
Cars don't go bankrupt - people, on the other hand, do - sometimes because of the car they bought. If you failed to make the payments on it, you have no right to the title - the lienholder does, as well as the right to repossess what is their property. So the short answer is that you don't.
As long as the title and loan are in your name the car is yours. Any payments missed will effect your credit. Take the vehicle back, now.
It is not a good idea. If that person does not make any payments then you are on the hook. The ownership can not be changed anyway, because it is listed as security under a registry.
Not really enough information to answer the question. What was your age when you 'bought' the car? What is your age now? If under legal age - are you legally emancipated? Whose name was the vehicle titled in? Who was the vehicle registered to by the DMV? (????)
Bought a used vehicle but discovered that it is not in good condition, what should i do?
Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.
First see if you can get the vehicle financed for a longer period of time, thus lowering your payments. If you can not do that then call the finance company and see if they can help some other way. Last, you may have to give the vehicle back.
If it is a used vehicle and the contract states that you bought it "as is", you can not return the vehicle. Unless you were somehow misled as to the deal, the vehicle, or the contract, and can prove it, you can not return the vehicle.
It may be. More importantly, do you want your child to be homeless? If you fall far enough behind on the mortgage payments the mortgage company could foreclose ... and then where would your child be? More likely, your state will go to your employer to garnish your wages for the payments to make sure you fulfill the arrearage and stay on time with future payments. Answer these questions for yourself: are your car payments on time? are your rent/mortgage payments on time? have you bought yourself any clothing in the past couple months? have you bought any gifts for others in the past couple months? have you gone out to eat in the past couple months? If your answer to any of these is YES, then tighten your belt, grow up, lose the self-indulgence and act like an adult ... a parent. Short of significant physical injury or illness beyond your control, you will face consequences.