PATHFINDER CAN'T FIND PATH

Everybody's Uncle,

I stupidly (is that a word) signed on the dotted line for my fiancé to get a 2005 Pathfinder.  On paper, I am the owner and the loan from the bank is to me. Well, he can't afford the payments and neither can I. Should I voluntary repo it?  What are the repercussions? The interest rate is high and the loan is for approximately $29,000.  He has only had the car for a month.

(I stupidly...)
                 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -   

Niece,

"Stupidly," is a word I hope you will not have to use in reference to your conduct in the future. No, you should not "voluntary repo" the Pathfinder." Yes, you should voluntary repo your fiancé back to his mommy.

Please sit in front of a mirror and repeat "stupidly" 10 times each day for a month or until you learn to "think and be formidable."

The good news is you have a chance to avoid a much more serious miscalculation - marriage without logic. If you couldn't see this one coming you are nowhere near ready for marriage.

Oh, about the repo...

Voluntary repo solves nothing! You will still owe the full amount of the loan PLUS costs to repo. Read the repo stuff on the web page for more details about the mechanisms involved.

In only one - whole - entire - month - 30 days - four weeks - a few pay checks - you realized that neither you nor your boyfriend (I down graded him) - two - mature - engaged - hard working - financially stable - ready for marriage adults - did the "stupidly," wherein he got the "drive" - and you got the "shaft."

Uncle says:
Get the vehicle in your possession. Take away his key. Make sure your insurance is paid. UNDER NO CONDITION do you allow him to come up with one payment and a promise and get the car back - NO CONDITION. He only gets the car if he buys it from you in a legitimate sale ending with the vehicle, payments and title in his name - period.

Now, you are the proud owner of a Pathfinder that in one month has lost 25% of its value. 
You could sell the vehicle but you still have to pay the loan amount to clear the lien, although you will save the finance charges.
You could see if a family member or friend will take over the vehicle for the unpaid balance, you would only lose what you put in.
You could be really creative and offer $1000 to a buyer willing to take the vehicle off your hands.
You could keep the vehicle, work weekends and evenings at Burger Thing to keep up with the payments. You will have many months to ponder the difference between fiancé and fiNance, and the importance of that "N."

If it is any consolation, in a broader sense, this is a cheap lesson.

In the future, talk to Uncle Jimmy before you become "engaged" to a bad deal.

Everybody's Uncle