No you can't be sent to prison.You can declare bankruptcy .
When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.
Jail is not a penalty for not paying a bank loan. The bank can bring a judgment against the person who does not pay the loan back.
i want to pay but he say must pay full..he dont want to discuss but that car i pass to bank already that time i lost my job, so now i want to clear my loan how?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
cash, then you dont have to pay anyone back
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
No you can't be sent to prison.You can declare bankruptcy .
If you made all your payments on time this will improve your credit record.
When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.
Jail is not a penalty for not paying a bank loan. The bank can bring a judgment against the person who does not pay the loan back.
i want to pay but he say must pay full..he dont want to discuss but that car i pass to bank already that time i lost my job, so now i want to clear my loan how?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
Get a credit card, small loan, car loan... You need to get something that reports to the credit beauros. They will decide when you pay or dont pay to give you a score.
bank loan
One man had bad credit and had to pay 27% interest on his loan. Yes, he got a car loan. He did not get a 7% loan. You can probably get a car loan. There is no telling what percent you will have to pay and how much down payment you will need to put up.
To get out of a used car loan, pay off the loan or find someone else who will do that.