The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Yes, he or she would be equally responsible for the repayment of the loan balance.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
No, Ohio is not a community property state, therefore debts solely incurred by one spouse are not the responsibility of the other.
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.
Cannot imagine that the process would be different than if the person was alive. The estate would be responsible for remaining loan amounts.
The vehicle can be repossessed.