Legal Question in Banking Law in Virginia

Unable to Pay Loan on Vehicle

My son has a 2001 Saturn which he has a loan with a bank. He lost his job and can not afford the car. I am a co-signer and can not afford the car. If he sells it now he will still owe money to bank which he does not have. If he voluntarity gives it back to the bank before they reposses, how can he/I get out of this situation? Is there a way we can deal with the bank so they will not come after us the rest of our lives? Any other options to solve this problem legally?


Asked on 1/18/02, 9:46 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Unable to Pay Loan on Vehicle

Either he and/or you have to pay this off or you will both get sued. Probably the best way to deal with it is to sell it yourself and come up with the balance so that there is no default. Otherwise, it will be repossessed, and the bank will sell it for a lot less than you would get, leaving you owing more.

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Answered on 1/19/02, 5:02 pm


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