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.
Yes.
Yes
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.
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
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.
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.
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.
by paying the bill or rebuy it at an aucton
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.