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.
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!
Related Questions & Answers
What is the SOL for credit card debt lawsuits in nevada? Asked 1/28/11, 5:25 pm in United States Nevada Consumer Law
I took a chance of getting a grant "guaranteed" to me by SBA Consulting... Asked 9/21/10, 5:50 pm in United States Nevada Consumer Law
How do I present a misrepresentation complaint against a timeshare company to cancel... Asked 8/04/10, 12:13 am in United States Nevada Consumer Law
How can i get out of a contract if the company was misrepresentative of their offer? Asked 2/17/10, 1:34 pm in United States Nevada Consumer Law