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default car lona
My husband was taken by a car dealer. He has a 6 year loan for a 2004 Toyota Matrix that he has paid 1 year of and he still owes $20,000. He cannot afford to keep paying for the car. What options does he have? We jointly own a home, but he alone holds the loan for the car. Am I liable for his debt? If he defaults on the loan, what will happen?:confused:
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Some will depend on the state you live in.
1. If the car is repo'ed, they sell the car, add repo costs and add legal fees. And subtract the money they get for the car. After that he will still owe the balance, and they can get a judgement. In some states they can garnish his wages, attach money in his bank accounts and more. And of course get a lien on his share of the property. |
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