As the primary, you are the first one they go after.
That's the point. They want the money, not the car, so they garnished your wages to pay that loan. Keep it, drive it, enjoy it. If you want to sell that car, any money would FIRST go to pay that loan and you could keep any cash left over.
No you can't be sent to prison.You can declare bankruptcy .
I would suggest you go to bankrate.com. They have an excellent loan calculator that you can use for all different types of loan, not just a car loan.
It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
There are many places one might go get a car loan if one had bad credit. One of the best options for anyone seeking a car loan would be one's financial institution.
The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.
The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.
YOu can get a loan for a car or anoth vehical just like you would get any loan. Go to your banking institution first to see if they offer it at a lower rate.
Just go get another car. Do not worry about that, lots of places do there own loans and you do not have to go through a bank.
It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth
Once it is repossessed, you are ll done with the car and any issues arising from it. Your credit score will take a hit, but that does not mean you can never get anything else on credit. It does mean that your interest rates on a new or used car will be much higher than they normally would be, so forget about ever getting a zero percent deal on than new mercedes! The car will go to auction and the "owner" of the loan will get what they can for it. You MIGHT get a letter from them telling you what the car sold for BUT that does NOT mean that you are to pay the balance between what you owed and what it auctioned for. Nor are you to pay any towing fees. You are all done with that car and that loan forever. Phil
If you don't pay your car payments, people go to your house and take it away.
no, your car loan is secured by your car, your mortgage by your home
well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.
you better go look in you driveway
Hector, Ive never heard of a bank that specializes in that type of loan. That doesnt mean they are not out there. Usually you go whereever you have good enough credit to get the money. If your credit is good enough, the bank that repoed it will loan you money on it.
The car will be repossessed, unless you surrender it. If you owe more than the car is worth, the lender will not likely want to accept a surrender unless you can pay the balance due on the loan. Your state may not allow creditors to go after loan balances if they repossess a vehicle. Consult a local bankruptcy or consumer debt attorney.
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
You don't. The car will go to an auction, and the highest bidder will win it.
go to the bank and ask for a car loan they will help you through the rest
GO for personal loan
The parties who signed the loan are responsible for paying the loan. You can do the B/K deal just like the co-signor did and it will all go away.
The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.
your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.