It is very important to insure it is set out in any separation who is responsible for what debt.
If it is not you can end up paying and have no recourse back to your former spouse.
Took me 2 years to pay off that lesson.
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
The finance company will sell the wrecked car and you will be liable for the balance on yourloan less whatever the car sells for which in your case will be almost the total of your outstanding loan.Then they will come after you for the money.
I most cases the debtor (you) will be held liable for the deficiency after the car is sold at auction, as well as for any repossession fees. This may vary in your state.
Yes the person crashed the car is directly liable, but if you gave him the car and he was drunk or etc. you are also liable
Then you're screwed. The tow company put a mechanic's lien on your car, then they auctioned it off to recoup their costs. You're still liable for the payments you owe to the finance company.
If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.
its very difficult to finance car with no credit if you have some bad credit then you have chance to get car finance.
If The Car Is In Your Name , You Are Liable !! Unless You Have Legal Proof You Sold It.
No - the surviving spouse is not liable for the deceased person's bills !
You still need to get the car out of impound. You have a limited time to do this before the impound lot puts a mechanic's lien on that vehicle. Once that happens, they'll be able to take possession of and sell your car, and you'll still be liable for the payments you owe to the finance company. If the finance company gets wind of this, they might repossess the car to avoid losing it over a mechanic's lien.
No, a co signor would not be liable. A co-buyer would be liable.