ROMANCE FINANCE AND FOLLY

Everybody’s Uncle

Hello. I am sorry to bother you, but I read some of your replies and thought you are a great person to ask for some advice.
 
In 2002, I helped my boyfriend at the time buy a new car. He couldn't have gotten the loan without me- my name is listed first on the account. Needless to say, the relationship ended, but he never refinanced the car to get my name off of the account. He was fired from his job in 2003 and was no longer able to make payments. Of course the bank turned to me for the money. I made a few payments, but I then became unemployed and could no longer afford to pay for a car I did not drive. He eventually went into the military and began making the payments again and repairing my credit score. The car has now been paid off and the title needs to be mailed from the bank. He wants to sell the car to his parents and has contacted me to sign over the title. I politely told him that I would not sign anything until I had been fairly compensated for the payments I had made for the car among other purchases I had made for him. (At the time of those "other" purchases, he verbally promised to pay me back for but never did.) I have kept all the receipts for my records, and he owes me approximately $1,500.00. Of course he is refusing to pay me back and won't acknowledge that he owes me money. I called Mitsubishi Motors Credit to find out the status of the account, and they have not mailed the title out yet. I updated the account with my new address, and they said they will mail the title to me in a couple of weeks. I am not sure what to do next. I am afraid that he or his parents will request a copy of the title (claiming it was lost/ damaged/ stolen) through the SC DMV, and then forge my name. I am hoping to keep this out of court, but I am prepared to do what I have to do. I really don't need the money or the car- I just want what's fair. What do you think?
 
Thank you for your time.
 
With kindest regards,
 
Christine
 
- - - - - - -  - - - - - - - - - - - - - -

Christine,

I think you and all my other nieces should think twice before lending money to boyfriends. Watch Judge Judy or any of the other court shows. Cases like yours are all too common. If you decide to be a lender, get iron-clad signed documentation. Trying to determine what was or was not a loan is difficult when based solely upon receipts and conflicting views of who said what. The process you see on TV is a dramatization of actual small claims court procedures (at least in my experience). The courts don’t want to waste time on thoughtless boyfriend/girlfriend financial foolishness. If you learn from this experience and never make a similar mistake it is worth $1500 – it’s a cheap lesson. Asking Uncle Jimmy first is even cheaper!

Maybe I am confused but if your name is on the title you own the car. (If you are just a cosigner you had an obligation to make payment and will have little, if any, claim to the car.)
If you own the car but he has possession of the car – who pays for insurance? Theoretically, if it is your car you can simply drive it away – you own it! (Not advised.)

If he were to forge your signature he could be facing criminal charges.
If YOU own the vehicle why not offer to sell YOUR car to his parents for $1500 and resolve the matter that way.

You should talk to a lawyer. Any competent one should be able to put his into a proper perspective. However, the legal fees might exceed the $1500 loss. I would rather see you sign over the car for any amount, EVEN FREE, to get out of this entanglement, get it behind you, and in the future don’t mix romance with finance.

Everybody’s Uncle