They never send in the payments on time and now he is on default. An amount of $683.66 must be paid by the 9th of August. I would like to know what is to be on "default" for this car loan? Thanks
2006-08-02 13:05:43 · 4 answers · asked by ♥SA-Spurs♥ 4 in Family & Relationships ➔ Family
The car is under his name. They have the car and are the ones who are sending the payment. My brother in law could not put the car under his name because at the time, his license had been taken away for some problems he had been on.
2006-08-02 14:38:15 · update #1
I believe it means that the bill will be sent to a collection agency (if it has not been already), the bank will repossess the car if the payment is not made, and your father's credit rating will be trashed.
2006-08-02 13:16:03 · answer #1 · answered by M L 4 · 1⤊ 0⤋
He is IN default, not ON default. I am guessing, although you omitted some facts, that your father co-signed for the car. Which means he is responsible for the payments if your brother in law defaults on the loan.
I would have never done this, your father is now responsible for the payments. See if he can get the title transferred over to his name only, then sell the car and send the bill of the remainder to your sister.
2006-08-02 20:13:09 · answer #2 · answered by Christopher 4 · 0⤊ 1⤋
The father didn't buy the car for them if they have to make payments, he took out a loan for them. Your dad should be smart enough to handle this. This sounds like it will affect his credit. So personally, if I were him, I would take back the car , pay the $683.66 and sell the car to someone else.
2006-08-02 20:18:14 · answer #3 · answered by weswe 5 · 0⤊ 1⤋
well your dad should take the car away from them until they pay the loan back 2 him cuz that not right
2006-08-02 20:12:14 · answer #4 · answered by corina w 1 · 1⤊ 0⤋