Given my recent hardship it has come down to me surrendering my car. Will the finance company come after the primary buyer or co-buyer for the deficiency balance?
The finance company refuses to do anyhting to help and I have been told by several ppl that this particular company will not budge. I am the co-signer for my father but the car is mine. I want them to sue me and not him bc he has enough on his plate right now.
Passive Income
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{ 4 comments… read them below or add one }
the finance company will sue both the buyer and any cobuyers for the deficiency.
It will go after who ever signed on the note for the difference. Lately most auto loan companies are finding ways to keep you in your car by changing your payments. The reason why is they can’t afford to insure them and selling them doesn’t bring much cash.
You might want to work things out first if possible.
They will come after anyone they can..
Buyer /co-buyer and anyone remotely close to
being legally connected or responsible..
HOWEVER…
It must be worth their time & effort..
Once they get the car back, it may not
be worth their while to do more than
to write a few threatening letters…
Do you mean co-signer? The finance company will come after the co-signer first. The co-signer guaranteed the loan on his credit.
If you are a co-buyer, you are both 100% liable for the deficiency amount. The finance company could come after either one of you.