Legal Question in Credit and Debt Law in Pennsylvania
reposession
My wife can no longer afford the payments on her vehicle.The vehicle was purchased before we were married, and the loan is in her name only.If it were reposessed would this effect my credit as her husband?
1 Answer from Attorneys
Re: reposession
You asked if a repossession of your wife's car would affect your credit.
A repo will affect her credit directly. It will not be reflected on your credit but may affect you indirectly.
It is always better to dispose of a car at private sale, and pay off any deficiency, rather than let a vehicle get repossessed. Repossession will always cost more money in the long run. In other words, if you can afford to bail your wife out, do it now rather then let her take the fall. You will be the one that benefits.
If I can help you with any of your legal needs, please get in touch.
Regards,
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