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    • her90
    • By her90 9th Aug 18, 3:56 PM
    • 3Posts
    • 0Thanks
    her90
    Car Finance + Ex + Mortgage - Help!
    • #1
    • 9th Aug 18, 3:56 PM
    Car Finance + Ex + Mortgage - Help! 9th Aug 18 at 3:56 PM
    Hello

    So basically, my ex boyfriend and I got a car on finance 3 years ago, the finance and car is in my name. We broke up and he kept the car on the understanding he would pay me the finance each month. This hasn't been a problem, however.. I am looking to get a mortgage soon. Will I have to declare this loan to the mortgage advisor? Will this effect my chances of being accepted, even though I do not pay for the finance?

    The finance is due to finish next Oct/Nov - there's around 4980 outstanding.

    Please advise!
    Thanks
Page 1
    • foxy-stoat
    • By foxy-stoat 9th Aug 18, 4:01 PM
    • 2,440 Posts
    • 1,354 Thanks
    foxy-stoat
    • #2
    • 9th Aug 18, 4:01 PM
    • #2
    • 9th Aug 18, 4:01 PM
    Yes you will have to declare it, it may effect your chances depending on the other numbers.
    • fwor
    • By fwor 9th Aug 18, 4:03 PM
    • 6,032 Posts
    • 4,090 Thanks
    fwor
    • #3
    • 9th Aug 18, 4:03 PM
    • #3
    • 9th Aug 18, 4:03 PM
    If the finance is in your name, it's your debt. Whether your ex is paying (via you) or not - the lender doesn't care. So yes, it must be declared.
    • Tarambor
    • By Tarambor 9th Aug 18, 4:05 PM
    • 3,395 Posts
    • 2,480 Thanks
    Tarambor
    • #4
    • 9th Aug 18, 4:05 PM
    • #4
    • 9th Aug 18, 4:05 PM
    The only way out of this is for your ex to get a loan in his name to clear the finance.
    • her90
    • By her90 9th Aug 18, 4:07 PM
    • 3 Posts
    • 0 Thanks
    her90
    • #5
    • 9th Aug 18, 4:07 PM
    • #5
    • 9th Aug 18, 4:07 PM
    Thanks everyone, I've tried numerous times to get him to pay it off (which he has the money to do so) or get the finance in his name. Stubborn....
    • foxy-stoat
    • By foxy-stoat 9th Aug 18, 4:08 PM
    • 2,440 Posts
    • 1,354 Thanks
    foxy-stoat
    • #6
    • 9th Aug 18, 4:08 PM
    • #6
    • 9th Aug 18, 4:08 PM
    The only way out of this is for your ex to get a loan in his name to clear the finance.
    Originally posted by Tarambor
    I would probably ask him to do that anyway - just incase he ever stops paying for some reason.
    • her90
    • By her90 9th Aug 18, 4:16 PM
    • 3 Posts
    • 0 Thanks
    her90
    • #7
    • 9th Aug 18, 4:16 PM
    • #7
    • 9th Aug 18, 4:16 PM
    I would probably ask him to do that anyway - just incase he ever stops paying for some reason.
    Originally posted by foxy-stoat
    I've tried.
    It's super frustrating, I feel so stupid and have so much regret.
    • foxy-stoat
    • By foxy-stoat 9th Aug 18, 5:08 PM
    • 2,440 Posts
    • 1,354 Thanks
    foxy-stoat
    • #8
    • 9th Aug 18, 5:08 PM
    • #8
    • 9th Aug 18, 5:08 PM
    I've tried.
    It's super frustrating, I feel so stupid and have so much regret.
    Originally posted by her90
    At least he is still paying you - so thats a win at least.

    Unfortunately you cant declare his payments as income to off set the debt.

    What are the numbers going to be, purchase price, deposit, salary, mortgage required, other debt?

    It may not make a difference to the lender and the remaining debt isnt too high.
    • BrassicWoman
    • By BrassicWoman 9th Aug 18, 5:21 PM
    • 1,704 Posts
    • 7,012 Thanks
    BrassicWoman
    • #9
    • 9th Aug 18, 5:21 PM
    • #9
    • 9th Aug 18, 5:21 PM
    is the car still in your name?
    Jan 18 grocery challenge 105.13/ 150
    • chelseablue
    • By chelseablue 10th Aug 18, 8:55 AM
    • 2,512 Posts
    • 2,971 Thanks
    chelseablue
    If both the car and finance is in your name I'd be going round there and taking the car back.
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • davidwood681
    • By davidwood681 10th Aug 18, 3:07 PM
    • 478 Posts
    • 1,445 Thanks
    davidwood681
    If both the car and finance is in your name I'd be going round there and taking the car back.
    Originally posted by chelseablue
    Then what? Sell it at a loss?

    Unless the car is worth more than the outstanding balance then financially it might be better to let him pay it off....which he has honoured so far
    • antrobus
    • By antrobus 10th Aug 18, 6:32 PM
    • 15,858 Posts
    • 22,582 Thanks
    antrobus
    ....

    So basically, my ex boyfriend and I got a car on finance 3 years ago, the finance and car is in my name. We broke up and he kept the car on the understanding he would pay me the finance each month.
    Originally posted by her90
    That would be a contract.

    .
    This hasn't been a problem, however.. I am looking to get a mortgage soon. Will I have to declare this loan to the mortgage advisor? Will this effect my chances of being accepted, even though I do not pay for the finance?

    The finance is due to finish next Oct/Nov - there's around 4980 outstanding.

    Please advise!
    Originally posted by her90
    Your change in circumstances is no justification to breach a contract.
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