questions & answers

Question: I helped my fiancé purchase a new car. I have good credit and got a great rate. She's making the payments but moved out and I don't know where she is. As long as she's making the payments I'm OK, right? If she stops payments that would not be good. What is the worse that can happen? If I have the spare key and were to get the car back is it considered stealing since the car is in my name?

Answer: First, you can't steal a car that is in your name. However, taking the car back without her knowledge may lead her to call police. If that happens, a report would be entered and if you are stopped while driving it and it's still listed as being stolen, they will initially treat you like you stole it...until they can determine it actually belongs to you. If she makes the payments...yes, you would be fine. BUT the responsibility for the vehicle and it's payments are on you since it's in your name. If she stopped making payments, it hurts your credit not hers. If they end up repossessing the vehicle because of non-payment, it hurts your credit not hers. Your best option would be to get the vehicle out of your name. If she wants to keep it...fine, but it needs to be in her name and not yours. I would also recommend contacting a lawyer if she is unwilling to to do that.