My daughter totaled her car..we both signed the loan..& I found out she wasn't paying the insurance..what are my options
State/Country relating to question: Connecticut
the car is parked in my lot..and now I am still making the car payments on it..
Your options aren't good. In fact, if the lender realizes that the vehicle is totaled they usually demand the loan balance immediately due because they no longer have the collateral as security for the loan.So, your options are to keep quiet and continue making the loan payments OR pay off the loan.Then how you want to deal with your daughter is your choice but she is ultimately liable to you for the monies although you might not get them from her.Rating REQUIRED: Please don't forget to rate my answer 3 or higher so that I receive credit for assisting you today. Need more help? Reply below with more questions.
20 years experience in consumer advocacy, debt collection violations, contracts, construction
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