Loans

NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.

The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.

YES

IF you signed a loan with the CU and used the car as collateral, YES IT IS LEGAL. And it is WISE for you to pay.

After sending you a "20 day right to cure" notice they can.

YES, you are in effect, buying the lenders interest in the loan and assuming their rights,including the right to repo.

I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it

Sure, you can. The entire sub-prime lending market is waiting for you. Max legal interest rate, higher DP, its all about you. The OCC bulletin 2001-6 says:

"The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers.

YES, you have to pay off the loan. You have agreed to pay the lender X number of dollars for X number of months in return for letting you use X number of dollars to buy a car. Once the car is sold, the sale price is deducted from the balance due and you still owe that amount.

NOT that I know of. Report it to the LENDER ASAP. Sounds shady.

NO...but you can CALL the lender and ask to pay it off.. Virginia TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Virginia Department of Motor Vehicles, P.O. Box 27412, Richmond, Virginia 23269-0001. Tel.:(804)367-0063. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: If Virginia title, must be in the name of the lien holder. Will accept repossession affidavit from other states. PLATES: Remain with debtor. http://www.virginia.us/cmsportal/ http://legis.state.va.us/Laws/CodeofVa.htm

YES, they can and DO. Read your contract about the re-instating part. Was this your 2nd repo?

Under some circumstances, YES. Do you really want to go to jail for a car???? WHY cant they find a car YOU are supposed to be driving and paying for?? NO, you cannot be arrested....UNLESS, there is a "Writ of Replevin" (court order) that you must at that time turn the car over or tell the lender where the car is. Without the court order it is a civil matter and you CANNOT BE ARRESTED.

YES. Read yo contract.

Not unless the bank auctions the car for less than if left on the loan (which is usually the case). Also, the only way to not owe after repo is file bankruptcy, in which you loose your liability on the car.

Contact a local attorney and have your paperwork ready. If theres a dollar to be made, they will tell you quickly. Dont be surprised if you find out the ORIGINAL lender had to take the loan back when you were in default. Its called 'recourse".

IF you contact the lender that has the loan on it and IF the lender approves you to assume the loan.

READ both loan contracts. IF they have a term "CROSS_COLLATERALIZATION" in them, debtor has no recourse. This can only happen if the contract has that clause in it and does happen when you have multiple loans at with one lender.

Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.

Only if the dealer reports it to the credit bureaus.

The lenders have deadlines, you have dealines, somewhere they have to meet. Its always "bad" to hide a car. It is only putting off the inevitable. Sorri, I dont do 'white Lie" discussions. LOL

lets say the total of the payments are $20000.00. And you have paid $10,000.00 on the loan. The car sells for $5000.00. That leaves $5000.00 for you to pay. These are round numbers for examples only. there will be other fees added in that will change it some.

YES, IF the loans contain a CROSS-COLLATERALIZATION clause. Were you in DEFAULT of any other conditions of the loans? INS.???

I didnt see any limitations as to HOW the repo occured. § 8.01-427. Persons entitled under decree deemed judgment creditors; execution on decree.

The persons entitled to the benefit of any decree or order requiring the payment of money shall be deemed judgment creditors, although the money be required to be paid into a court, or a bank, or other place of deposit. In such case, an execution on the decree or order shall make such recital thereof, and of the parties to it, as may be necessary to identify the case; and if a time be specified in the decree or order within which the payment is to be made, the execution shall not issue until the expiration of that time.

the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck