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What can I do to get a car loan from my own name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website come from companies that pay us. This compensation may impact how and when products are featured on this site, including the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offers that may be open to you.

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2 min read Published March 03, 2015.

Written by Justin Harelik Written by Justin Harelik The Bankruptcy Adviser

Justin Harelik

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Dear Bankruptcy Adviser: How can I get a vehicle loan through my name? I’m unable to convince anyone to refinance it, and my ex-boyfriend isn’t paying. Do I have a choice other than bankruptcy? — Anna Dear Anna As I earn a living by dealing with bankruptcy cases, I do hope you can find an alternative for the previous mistake in judgement, especially if this is your only debt. Co-signing on an loan is one of the most common reasons that people file bankruptcy. You did sign the contract and you agreed to pay for it, and you are now paying the amount. The lender won’t take your name off of the loan just because your boyfriend and you are no longer together. Similar to how the lender is not able to influence your dating choices the same applies to your loan. It also doesn’t have a influence on your decision to separate. It does, however, have your signature agreeing to repay the balance of this loan. Additionally, there is no incentive to allow you to get out of that agreement until paid in full. You have four options to choose from Pay the balance Perhaps, you are able to make use of the car while paying the balance and you can afford the monthly payment. This can protect your credit score and ultimately gets you the title to the car. Find someone else to help you pay off the debt: For example, you can request a friend to pay the balance and drive the vehicle. The car is still accountable for your car. However, hopefully you can find another person to help. Maybe a family member can take an amount of the loan and you pay the difference. Check that all drivers have adequate insurance. Don’t allow anyone to drive the car without insurance coverage to do so. Return the vehicle to the lender: This will be considered as a repossession in your credit report. The lender will then sell the vehicle and send you a bill for the remaining balance following the sale, referred to as a deficiency balance. You will have to pay this amount. Ignore the problem: The lender will continue to repossess the vehicle and then pursue you for the balance due. I’ve heard of clients saying they planned to bring a lawsuit against the responsible party and force them to pay. This sounds good in principle, but finding a way to make the responsible party pay can be very difficult. If you can figure out how to achieve this, you can begin your own co-signer collection business because that would be very impressive in fact. Have fun! Ask the adviser To ask a question of the Bankruptcy Adviser, go to the « Ask the Experts » page, and choose « Bankruptcy » for the topic. Read more columns and more about debt management.

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