The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
The car can always be repossessed if the owner stops paying off the loan.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Definately
Will be repossessed, be patient. You either pay off, or pay off. No longer able to make payments. They will repossess the car and sue for the difference. Sorry.
Most of the time you do, YES.
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
Well, don't worry about the lender getting a judgment against BOTH of you and possibly garnishing your wages. Some lenders take advantage of the IRS laws and send you a 1099 for whatever income they write off. Watch for that.
The car was repossessed one week before being off, now the creitor wants to charge me repossesses fees.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
Your debt is then written off as the car covers the cost of the debt.
After a repo you have the right to get your belongs out of the car and your tag off the car.