[holmesk1369]

I am in a mess. 2 years ago I bought a truck in my name for my fiancé and his business. He has paid the balance down to $25, 000 (semi-truck and trailer) and is now suffering financially. Every month he is late with the payment and I believe he can no longer afford to make the payments. What should I do? If I have the company repossess the truck my credit will be screwed and I will probably still owe them, I don't know enough about trucking to take the truck and sell it myself to pay off the balance. Any suggestions?

[Fr_Chuck]

The truck is in your name so you are legally liable for it.
Can I assume you and this man are no longer together??

Next as a side note, if he lets the insurance laspes and has a wreck you can also be held liable as owner of the truck for damages to others cars and for the loan.

Your credit is also being ruined now, every late payment is showing up on your credit report as being a late pay.

If you take the truck and try to sell it, most likely you would need to sell it through a broker. You may want to take the truck to the dealer you bought it from and see how much he can give you for it.

Next if the balance is "way down" from the original selling price, how about getting the person who is using it, to get a loan on his own to buy it from you.

If it is repo'ed for not making paymnets, they sell it, add repo and legal fees. You can often owe almost as much as the original debt if the truck does not sell for a lot.

[fredg]

Hi,
Yes, this is a mess. Unfortunately, as you said, the truck is in your name!
I would call, or talk personally with some truck dealers in your area. Talk with them about buying it. You are probably going to lose some money on this deal, but it's about your only way out, without messin' up your credit ratings.
I do wish you the very best.