Legal Question in Consumer Law in Nevada

I co-signed on a car loan for my son and he is now out of work and also homeless. My situation has also taken a turn for the worse. I cannot make both the payment and pay the insurance. I told the credit company that and they said it sounded like I wanted to turn the car in. My question is how is that different from a repo. and how does it affect me.

Asked on 2/07/11, 7:16 pm

1 Answer from Attorneys

On your credit, a voluntary repo & a repo where they have a tow truck take the car in the middle of the night have the same effect. It is called a repossession either way.

In addition, the creditor can sue you for the difference between what you owe & what they sell the car for at the auto auction. This can have devistating consequences.

Hope this perspective helps!

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Answered on 4/19/11, 12:22 pm

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