The other co-owner or cosigner will be responsible for the debt.
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
Pay for the car and get it back, or pay the deficiency after it has been sold.
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
READ your lease contract. It should specify the results of repossession.
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
What happens is this, the vehicle gets repo'd. You still owe the deficiency after the vehicle is remarketed. The bank will take you to court for the deficiency. If you do not pay the deficiency if you are ruled against, they may garnish wages by court order. It takes legal action for wages to be garnished.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
by paying the bill or rebuy it at an aucton
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
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.
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Technically (and leagally) yes.
Yes it can.
Obvious answer, Yes.
Yes, it can.
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.