 Don't
let ex keep your car
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 Dear
Dr. Don,
I bought a used car about six months ago and put $2,000 down on
a car priced at $9,500. I let my ex-boyfriend drive it and help
make payments on it, but we recently broke up and I took the car
back. He wants to take over the loan payments and have the car but
the loan will remain in my name because he has bad credit and can't
finance a car. I'm not sure how to go about the paperwork on this
situation. I need some advice.
-- Gina Jitney
 Dear
Gina,
To paraphrase, and with apologies to, Billy
Ocean, your attitude should be, "Get outta my dreams and
outta my car." I don't understand what motivates you to keep
the ex-boyfriend in your car just because he has bad credit. I've
heard that you can stay friends with old boyfriends, but this is
over the top.
If he helped you out with payments, then consider
that help to be rental fees. Sell the car if you don't need it or
can't afford it, but don't let him keep the car with you on the
note and you on the title.
If you stay on both the title and the loan, then you're
responsible for how the car is used, its insurance, any tickets
and the loan payments. Do you really want all that responsibility
just to do a favor for an ex-boyfriend?
If he can find a co-signer, you might be able to sell
him the car and he would finance it. That mostly depends on the
age and the mileage of the car. E-loans,
a Bankrate advertising partner, offers used-car financing.
Don't even think of co-signing the note with him.
This FTC guide
on co-signing should scare you off that idea.
You're moving on. Staying tied to this guy, hoping
every month that he'll make the car payments so it won't trash your
credit history, isn't moving on. I like Edmunds
to price the car for sale, but Kelley
Blue Book works, too.
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