When you fail to pay for something that is security for the loan.
in the process of repossession?
Yes, usually at an auction.
No. But any debt that is forgiven is taxable as income.
The laws of the state the vehicle is in.
The state the borrower lives in.
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
A performance deposit is to ensure the contract if followed and will come off the cost of the car. Its usually the lesser of three months payments or on third of the remaining loan on the car.
Yes you do. You can file for bankruptcy and may be afforded some consolation, but by law you are responsible for the difference between what was owed and what the lender was able to wholesale the car for.
If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.
Depends on the state you live in and their repossession laws. If you are smart you will return the car if you are unable to pay for it. The car belongs to the bank until it is payed for.
Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed with the repossion process.
It appears they are trying to help you with the 5 days part. READ the lease agreement for more info on when the lease is in DEFAULT.