Legal Question in Credit and Debt Law in New York

My friend's husband has left her, and she has a loan on a car for $357 which her husband co-signed. She cannot make the payments. I think she should let the bank repossess the vehicle and have them go after the money that is left owing after they sell the vehicle. Is this sound advice? Would she hurt her credit rating if this were to happen? Thanks for any advice


Asked on 8/04/09, 8:10 pm

1 Answer from Attorneys
Locksley Wade Law Office of Locksley O. Wade

Yes her credit rating will be harmed if she has a repossession on her credit history; but the same holds true if she has late payments. She should try to sell the car for the balanced owned. If all else fails, then she will need to return the car of face a financial bottomless pit of attempting pay for something that she can not afford.

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Answered on 8/15/09, 5:21 pm


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