Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money.
no , dont rip off the rest of the tax payers
After the car is repoed, the lender will ask you very nicely 3 or 4 times to pay the balance on the loan. Each time they will remind you that they have other legal remedies to use to collect. If you cant/wont pay the balance due, they will use the other legal remedies. Those may include: getting a judgment against you for the amount due plus fees, garnisheement of your wages, attachment of other property that you own.
No, they can't. They can put a judgement on your home, so if you try to sell it and do. They will get the money owed to them, and then you will get the rest. Yes, they can seek a garnishment for the amount. However, garnishments can be filed for your paycheck as well.
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
You collect the rest of the sacred items.
Collect the rest of the parts of the ship.
pay him what he spent on payment already and the rest and have an agreement when he gets it all paid for with your money that he will give it to you. Answer Advice to the wise: Pay the money directly to the lender and get the clear title to the car. It may take a visit to the lender by both the buyer and the seller. You may also need to take out a new loan in your name.
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.
You are responsible for the entire amount that you owe them - (minus) the amount they get for selling it, which won't be much with $6k in damages. They will report it on your credit, possibly try to get a judgment against you so they can garnish your wages or lien your property (these laws vary by state) but most likely they will just report it on your credit once as a repo, then as a charge off for the amount left. If the car is that badly damaged the lender will refuse to take the car.They will still come after you for the money owed.In your contract it will state any damage to the vehicle that was caused by you, that you will be responsible for the repairs that the lender has made. Plus the balance and all fees accured.If you were to file bankruptcy these debts will be wiped out and the lender eats the repair bill along with the rest. That is the reason lenders will not take back a damaged vehicle.