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Good afternoon. Who does this vehicle belong to? Was it just left on your property?
Thank you. It is very odd that if payments have not been made on it after all this time, the car has not be repossessed. However, the lender does not have to come and take the car, since it is her responsibility. They can sue her for damages suffered and eventually take the car back but if you were to simply dispose of it, the liability for the amount owed on the car, would remain. The balance would not go away and it is up to your wife, on what she wants to do. 2 years is a lot of time but they do not have to simply come back and get it, if they do not want it.
Whoever is the owner of the vehicle, can sell it. However, the obligation to pay the $5000 will remain. You could then take the money from the sale and see if you can settle the amount owed and if they would agree to accept it, to cancel out the balance
Hi,are you still with me?