What would you do in this situation?
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My hubby cosigned a loan for a brand new car for his loser older brother. He paid the first payment and decided he didn't want to pay anymore. We had to take the car back and make the payments ourselves. He had told us the car was insured when in fact he had already canceled the policy. My hubby drove it and was the victim of a hit and run. It will cost just under $9k to repair. Cops haven't found the guy yet. We still owe $22k and I seriously doubt we can get close to that when we go to sell it. The monthly payment is $480 + around $100 for insurance and now we must pay to repair it. We called the finance co and asked if we could get any sort of debt forgiveness--No. My question is this: if you were in this situation, would you A) keep scraping up money to throw at this car situation, B) let it get repoed and ruin your credit, C) Try to sue the brother even though he has no money, no assets, no job most of the time and 3 kids? Can you come up with a new solution? Thanks!!
What would you do in this situation?I have never seen a finance company let insurance slip by on a loan. They will put "single interest insurance" on the loan to cover a loss on the vehicle. This type insurance only covers the financed amount and is payable to the finance company. It would help your situation. Check the contract with the finance company and see if it states that they will add the "single interest insurance" if you do not send them notice of insurance coverage. If it does, call them and ask them to take care of it. If the finance company missed this item, I would talk to an attorney.
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