repo on a car

[kim0111]

have a question on a car that just got repoed. I bought a car for my daughter and it got repoed, due to no payments, its in my name but can they take my car which has never misses a payment and what happens next???????????

 

[Duranie]

They can only take the car that has the lien on it that you did not make payments on.

Your credit will be totally trashed now you have had it repoed. You can call the bank and ask them what it will take to get the car back but they are going to want you to get caught up on payments.

Keep in mind that in most states, they are able to go after you for any balance left of the loan after the auction the car off.

Why didn't either of you make the payments?

This is why cosigning is a bad bad idea.

 

[kim0111]

repo on car

Thanks for the info........ i was a bad bad thing. At the time my daughter had a good paying job that is why i got the car for her. I have my own car to pay for plus another one. and my own bils. I f maybe she would have kept in contact with me and I could have made the payment s some how but i never knew anything was late until the bank would send me notices. How long does it take credit wise to work out of a repo ?????? Is there anything i can do to her, when she made payments they were all in cash and i never got her to sign a promisery note....but i realize that if she didnt make the car payment then she deffently wont pay me if i sue her.