let car repocesied or let someone take over paymennt

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let car repocesied or let someone take over paymennt

I finaced a car for my daughter and now she lost her job and none of us can afford the payment, should i let the car go back to the bank or allow my brother inlaw take over payments? either way iam on the hook,( Do you have any idea’s which way to go? or another way) ive already file bankruptcy last year so we cant go that route.

Asked on June 24, 2009 under Bankruptcy Law, Michigan

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

We cannot give you that advice.  We do not serve as your legal counsel, so you will need to choose the better route.  Clearly, you understand that by defaulting on this loan (repossession, voluntary or otherwise), will be a negative impact on your credit, as well as your daughter's if she is the primary.

See if your brother in law will pay -- but that would require your ability to sell the vehicle to him and see if your lender will let you do it.


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