2006-08-20 09:16:16 · 10 answers · asked by Aurred 2 in Family & Relationships ➔ Family
It was actually my father, I have no problem defaulting on the loan as long as it's not me defaulting. Can they get me for more then just missed payments? I really need to check out the contract, and more then likely get in touch with the lender.
2006-08-20 10:04:27 · update #1
Unfortunately, you are responsible for all payments and any charges that will be incurred as a result of them trying to collect. You can default, but they will reposses the car, resell it at auction, and if what they sell the car for is less than what is owed, you will be responsible for that amount. Call the loan company and talk to them, maybe they can work something out with you. Good luck
2006-08-24 08:36:47 · answer #1 · answered by Mary D 2 · 1⤊ 0⤋
If you not pay you will ruin the cosigner's credit along with yours. It sounds like your cosigner may not really care about his/her credit, but, do you. You should be able to check the Contract, sometimes there was a insurance paid that when one die or become unemployed/hospitalized, etc., the insurance cover the payments, not sure it always there. But, I had bought a Motorcycle and had to pay $50 up front for this insurance to get the loan. I complained at first, but, later it became a blessing as my payments were made for me. ;-)
2006-08-20 09:27:00 · answer #2 · answered by Snaglefritz 7 · 0⤊ 0⤋
You proceed to be responsible for the quantity of the private loan that became unpaid, minus in spite of the business company recoups on the sale of the vehicle, plus any prices you agreed to pay on your unique personal loan settlement. the entire element of having a cosigner is so the business company has as many opportunites to reclaim their funds as conceivable.
2016-11-05 06:12:37 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I am very sorry to hear about the death. I hope it wasn't someone close to you.
I suggest that you go to the bank or whatever lending institution your loan is with and explain that the co-signer passed away. They may allow you to refinance the loan or work out a new payment plan.
I wish you the best....good luck.
2006-08-20 09:25:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You default on the car loan just as if the co-signer had not paid (living or
deceased).The car would then be repossessed; (my husband owns a
used-car lot). It's happened.
2006-08-20 09:28:03 · answer #5 · answered by honey 4 · 0⤊ 0⤋
Contact the loan company and offer to continue to make payments. They only repo as a last ditch effort to collect.
2006-08-20 09:27:10 · answer #6 · answered by Ironball 7 · 0⤊ 0⤋
Say Good-Bye to your car.
2006-08-20 09:21:50 · answer #7 · answered by Worry? 4 · 0⤊ 0⤋
Guess what your stuck with the bill on your credit.
2006-08-20 09:21:29 · answer #8 · answered by College Student 3 · 0⤊ 0⤋
Your car will be reposessed, and your credit dinged-major ding.
2006-08-20 09:21:59 · answer #9 · answered by PRETTYGIRL 2 · 0⤊ 0⤋
They repossess your car.
2006-08-20 09:22:10 · answer #10 · answered by tjnstlouismo 7 · 0⤊ 0⤋