When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
it really dosent matter how u do it.
yes you canyes you canyes you can
No if you have signed the contract/order it is no longer your vehicle so you are not allowed unless the person who now owns the vehicle lets you
Financial Responsibility
The bill is due immediately after the finance company sells the vehicle and totals the cost of reposession.
Both the permissive use driver and the vehicle owner(s) are financially liable jointly and severally for all damages and injuries sustained in an "at fault" accident. Both can be sued. If you were driving and at fault. Then you are the person most directly responsible for causing the accident and you are financially liable. If the owner gave you permission to drive the vehicle, although he's not at fault, he is also financially liable because it's his car and he's the one who allowed you to drive the car. If you are not a covered driver under the terms and definitions of the owners policy then the insurance company will not pay for the accident. We should never borrow or loan out a vehicle without first verifying the driver will be covered under the policy.
If you reside in a community property state both parties are responsible for such matters until the court rules otherwise. If you do not reside in a CP state the person to whom the vehicle is registered to is considered for all intents and purposes to be the owner. The deciding factor of who is responsible for the debt if any on the vehicle is determined by the loan agreement.
Typically, if you are a cosigner on a vehicle loan that gets repossessed, you are still responsible for the debt, regardless of marital status. However, being charged with grand larceny would depend on the specific circumstances and laws in your jurisdiction. It is best to consult with a legal professional for personalized advice.
Most likely yes. They are financially responsible for the damage to your vehicle.
Typically, when a car is reposed the financing company is responsible for all fees incurred in repossessing your vehicle. If you added the reposed vehicle in your bankruptcy and it was discharged with your other debts, you owe nothing to the bank or any of its' subcontractors. It is the financing company's responsibility only to pay its clients. If the repo. company is harassing you for the storage charges they are out of line. They must seek restitution from the financing company only. If they continue to call and pursue, call your local attorney general and state government banking association to file a complaint against the repo company and the bank. After a bankruptcy is discharged it is illegal for a creditor to call you for any financial restitution of a federally discharged debt.
No, but most repos are sold long before 90 days.
No, Ohio is not a community property state, therefore debts solely incurred by one spouse are not the responsibility of the other.