Runaway Ex
My ex-fiancee & I bought a car with me as the primary & him as the co-signer because I had stronger credit.We had a verbal agmt. he would refinance under his name. He took & hid the car from me & stopped making pmts. Collection agency now has law office after me. Am I liable to pay for car that was taken? Can they garnish my wages, take my savings or 401k? What options do I have? Police said car is not stolen.
Re: Runaway Ex
It doesn't matter who is primary and who is co-signer, you are BOTH liable. Your 401k is an exempt asset but they can garnish your wages and savings/checking accounts if they get a judgment against you. Don't wait for them to sue, see an attorney about what you can do to get the ex to turn the car over or at least get him to pay for the car.
Re: Runaway Ex
It doesn't matter who is primary and who is co-signer, you are BOTH liable. Your 401k is an exempt asset but they can garnish your wages and savings/checking accounts if they get a judgment against you. Don't wait for them to sue, see an attorney about what you can do to get the ex to turn the car over or at least get him to pay for the car.
