Help,

My wife co-signed on an auto loan for our son. She is the principle and he
is the co-maker. The loan is with a major bank. I AM NOT ON THE LOAN. My
son is not making the payments. I have the car now and have made the last 3
payment including the insurance. The loan is current. I can not afford to
do this any longer. The car loan is really upside down. The loan balance
is $15,000 and the value of the car is $7,500.

Is it possible to do a voluntary repossession?

My Wife does not work, will they garnish my sons wages?

Will the bank garnish our bank account?
Will the bank put a lien on our house? (the first $100,000 is homesteaded)
Will the bank go after a checking account that is in my name only?
Is it possible they could garnish my wages, even though I am not on the
loan?

What will the bank or collection agency most likely do???????

Please help, ... thanks.

Dave wrote: Help,
<snip> <another cosigning - *sigh*) What will the bank or collection agency most likely do???????

These things vary wildly among the states. Ask the bank. Ask the
consumer affairs division of the applicable state agency. They're at
least going to ding your credit rating. And, find out about spousal
property and obligations in your state. You may well be obligated for
the debt with only your wife's name on the note.


--
Gerald Clough
clough@texas.net
"Nothing has any value, unless you know you can give it up."

On Sat, 09 Aug 2003 08:49:13 -0400, "Dave"
<sonicflash_SPAMBLOCK_@earthlink.net> wrote:
Is it possible to do a voluntary repossession?

It doesn't make a difference if the repossession is voluntary, the bank will
still come after any assets that can get their hands on. I would just sell the
car and if my kid was getting a inheritance I would deduct the amount of loss
our estate experienced because of his irresponsibility from the amount we
planned to give him.
Just a thought!


--
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http://www.kilowatt-radio.org/
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irate, tireless minority to set brush fires in people's
minds. --Samuel Adams