Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.
NO, there are no more "DEBTORS PRISONS".
YES, read your contract.
Whomever signed the contract is responsible for the balance.
no
YES. Read your contract.
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Yes, he or she would be equally responsible for the repayment of the loan balance.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.