Soon to be EX and her Mother, the banker

thejam_2

Me and my wife took out a joint car loan in October. Her Mother works at a local bank and is the account executive. Her Mother's best friend is the Loan manager of the branch and they both helped us fill out the paperwork, etc. The loan was for about 3000 less than the car was worth so there is equity built in.

In November, my wife cheated and left me. I was making sure via the online banking site that she was making the payment on the car, since it was a joint loan one day in December. I found that the loan had disappeared from my list of accounts. I called the bank and spoke with a teller, who looked up the loan, and she said that it had "No File" listed by the account. I asked if that was strange, and she said yes, even paid accounts stay in the computer for 1 year.

So I tried to call the Loan manager, and my Mother-in-law happened to pick up the phone. I immediately asked "What happened with the car loan?" And she said, "I have no idea what you are talking about."

Anyway, later I find that they had re-written the note to only include my wife's name on the loan. The loan wasn't re-financed, it was just re-written. Which isn't bad for me I guess, except in the divorce settlement I don't get to claim the 3000 of equity.

My real question is: Are there bad ethics involved here? Can a joint loan just be re-written like that without my permission? If so I want it to be exposed. It's on my credit report as a 'joint' loan, but now that loan no longer exists. I have a feeling that some strings were pulled due to the relationship of the people involved.

What they don't know is.... My great uncle is on the Board of Directors of this bank. I'm just trying to figure if I should be bugging him about this, unless I have concrete facts about how joint loans work.

Thank, JT

thejam_2

It looks like this is a UK site mostly... is there US equivalent?

thanks,

JT

regularsaver1

so she has takena new loan in her sole name to repay the joint one - least you are not liable

but re the equity i'd take legal advice

thejam_2

There is no 'new' loan. The Note was re-written, or else the loan my name was on would be considered paid-off. it just doesn't exist anymore.

JT

regularsaver1

I'm sorry but I am not sure what the note was re-written means

I have not come across that term - is that a US term?