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Posted in Auto Loans
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Question By
mbpolkevans

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My ex paying late on auto loan that was joint...affecting my credit.
When I was married, my husband and I purchased new vehicles and both were in both our names. When we divorced, I refinanced my car to only my name, however, he has not done the same stating he owes more than it's worth so he can't refi. He has made 3 late payments and they are affecting my credit even though a court order I am no longer responsible for his vehicle. Can I write letters to the credit bureaus and explain? What can I do to keep my credit from being tarnished. I had a 725 credit score and now I have a 566 because of his late payments.

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The order is a guideline of what is supposed to happen. If he didn't comply you are in fact still responsible because you are on the loan. The only way to fix this is to have the veh refi and registered in just his name. If the car has negative equity tell him to put the money down. The bank will not consider the order. 

Loan officer for 9 years 

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Problem is, he doesn't have the $$ to put down to cover the negative equity.  And, now, with late payments, he'll have a tough time finding someone to extend him credit anyway.  It's a no win situation.  :(  And, I'm going down with him.  I thought I was finally done with him, and then this.  :(  

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