You won't go to jail. If the car is registered in your name, legally, it is your car. Your credit will be ruined for 7 years if you allow it to be repossessed. You will also pay the difference in what the lender sells the car for and the balance on the note, plus repo fees. I suggest you contact the lender and make some sort of arrangements. Don't let the car be repossessed. I'm guessing Grandma made the down payment and co-signed the loan and Junior promised he would make the payments. If so, both of their credit scores go down the drain. If only Grandma signed the note (unlikely if Junior's name is on the title) it will only show on her credit report.
No, this would be considered a lien loss. Typically this occurs when a vehicle is traded in, previously repoed and resold, or sold outright and the previous lienholder either never perfected the lien, or provided the proper paperwork when reselling it after repossession. If the vehicle is repoed, contact your lender to ensure they did not order it, contact the repo agency who recovered it and report it wrongfully repoed, and demand the name of the lender who ordered it. The vehicle if actually wrongfully repoed must be returned to you undamaged as soon as possible.
If you aren't paying for that car's payments then yes. The only reason why your car should be repoed it because the payments aren't being made on it. It doesnt matter if your car is from the 1940's or if you brought the car last month, the car can be repoed if you dont pay the payment for 2 or more months (consult dealership for it's repo rules).
Give me food and I will live give me water and I will die what am I?
What is 8 divided by 2(2 plus 2)?
A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement?
What is pokediger1s password on roblox?
Who was Hillary Clintons running mate in the 2008 presidential elections?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.