Legal Question in Credit and Debt Law in Pennsylvania

voluntary car reposession

daughter with bad credit used fathers credit to get new car.car registered in her name loan in both names. she made some payments but not going to make anymore.father is not going to take over payments. father owns house and 50%owner in s corp. what happens to father if voluntary repo or bank repos.


Asked on 6/20/06, 7:48 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: voluntary car reposession

If the father does nothing his credit will be as bad as his daughter. I suggest that legal counsel be retained because the lender can file a legal action for any deficiency after repossession of the vehicle. Such action will place father's assets at risk. Never guarantee another's loan. It can destroy and limit your credit rating.Gerald Hershenson Esq,

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Answered on 6/20/06, 8:45 pm


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