I took a car loan in my name for my son, he can not pay it back. The balance is $19,000. I am a single mom 48 and do not have the money to pay this car loan. He got in trouble so he will not be able to pay it. What should I do? What will happen to me?
2006-07-01 18:45:54 · 21 answers · asked by just me 1 in Business & Finance ➔ Other - Business & Finance
Sell the car and start practicing at how to stop a bus...
2006-07-01 18:48:08 · answer #1 · answered by Transgénico 7 · 0⤊ 1⤋
It sounds like your son may have been in trouble before you agreed to pay a car loan for him. I don't know how old he is, but you should check with a lawyer (you can get a half an hour free)
with most lawyers.) or Legal Aid. You may be able to pay smaller amounts every month. I truly believe your son should take responsibilty for his actions and find a way (legally) to help you pay the rest of the loan. He needs uncomfortable consequences to help him learn.
2006-07-01 19:49:18 · answer #2 · answered by cher 2 · 0⤊ 0⤋
I have a loan for my car, under my mom's name. I hope this never happens to her, although my balance is 1/2 that.
I think that you should make 1 payment, but for this month, the car is YOURS.
He needs to learn from his mistakes and can't drive the car for the month you paid. And- while it's your car, put it up for sale. This might make him want it back, so work extra hard to get it back (because he needs to pay the next month, AND you back)
or, the car might sell & you can pay off the balance, that's what I'd do. If not, I guess all you can keep doing is having it up for sale & paying month by month. Good luck!
2006-07-01 18:56:57 · answer #3 · answered by natalie 6 · 0⤊ 0⤋
I have heard this story 841 times. Call the bank and have them repo the car. You will be asked to pay the balance but this is not going to help your credit score , which is now zero.
Kick the jerk out and if he has done some crime , let him go to jail. Bubba will teach him respect and give him the kind of love he needs.
2006-07-01 18:51:26 · answer #4 · answered by sonny_too_much 5 · 0⤊ 0⤋
if your son doesn't have a job he really needs to get one. if he doesn't want to, it is leagally your car, sell it. if your son is 18, and you signed for him, then tell him he needs to fork up the dough, work two jobs even if he needs to. You were nice in doing that for him, but there is a difference between nice, and ruining your credit and the chances for yoru own future because your son is not being responsible. sell it for a cheaper car, he does not need an $19,000 car
2006-07-01 18:51:16 · answer #5 · answered by singitoutloudandclear 5 · 0⤊ 0⤋
If you don't pay for the monthly note... It will destroy your credit & the car will be repossed... Why don't you take it to Carmax and sell it to them so they can pay most of the balance, then you can pay the remaining balance through the bank that is holding the current loan...
www.carmax.com
2006-07-01 18:48:52 · answer #6 · answered by :-) 3 · 0⤊ 0⤋
Pay the car loan and then sell it.
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2006-07-01 19:08:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you will be held responsible for the loan. sell the car and figure out how to come up with the rest to pay the loan off. dont co sign or put thing in your name for other people... you will get burned one way or another no matter who it is for.
2006-07-01 18:50:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Sorry...but you will be held responsible for any costs incurred after the car is repossesed and sold at auction. Including the balance owed on the vehicle if the auction amount is less then whats owed.
Let this be a lesson to you!!
2006-07-01 18:48:08 · answer #9 · answered by werk2much2000 4 · 0⤊ 0⤋
You will have to pay it, or your credit will be shot. Never loan this boy money again! He needs to learn how to be responsible.
You could try to gain posession of the car, but that will probably ruin your relationship. I wouldn't suggest that.
2006-07-01 18:49:12 · answer #10 · answered by superfish 3 · 0⤊ 0⤋