If you are making payments on a repo deficiency you will not have to pay income tax on the amount. You would have to pay income tax on any part of the deficiency the company wrote off or forgave. The IRS expects you to claim the forgiven amount as income on your taxes.
You CANT legally. She could report it STOLEN if you did. Best thing to do is contact the LENDER and assure them that YOU will make the payments IF they will repo it. AND get the registration out of her name. They can do that AFTER repo. Good Luck and MERRY CHRISTMAS.
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The finance company will be coming to you for payments...even if he has the car. They will send repo men after the vehicle as well. Good luck. Never EVER co-sign for anyone.
IT'S A GREAT IDEA... THEY CAN MAKE THEIR CAR PAYMENTS
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
A repo is a repo is a repo.
If your paying for the car, they cannot!
Not as long as the payments are current and have remained so.
NO. Social Security income is protected from creditor claims.
First you have to find the car, then you can repo it yourself or hire a repo company to do it. Email me if you need more help. Good Luck
Yes, if you are not making the payments the bank can repo your truck.
You CANT legally. She could report it STOLEN if you did. Best thing to do is contact the LENDER and assure them that YOU will make the payments IF they will repo it. AND get the registration out of her name. They can do that AFTER repo. Good Luck and MERRY CHRISTMAS.
Yes but it will also list that you are making payments!
Yes, they can. Consistent communication is the car-key to your vehicular retention.
As long as you are in default, they can repo. Try to catch up the month behind. Send $5.00-10.00, whatever.
== Repossession== If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.