Legal Question in Credit and Debt Law in Missouri

I co-signed for my grandson's car, he couldn't pay for it. I paid on it for 1 year, still owe $7400.00 on it, now I can't pay for it. What will happen if I let them re-po it? I am not behind on the payments yet, but I called them and told them I cannot make the payments. They said they would come and get it, try to sell it, but if they couldn't sell it we would have to pay the difference. What if we can't pay the difference? Can they sue us?


Asked on 1/29/11, 3:02 pm

1 Answer from Attorneys
Anthony Smith LawSmith

Under the facts you described, you coudl be sued fo rhte deficiency (difference btween what you owe and what it sells for) In almost every case, you will come out better if you sell the vehicle yourself and then pay off the lender.

Good luck

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Answered on 2/01/11, 10:32 am


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