Car Titles

car loan want me to pay for a suv they sold after my son had a reck car was not running . they fix finder.?

not abe to pay. My son had good insurance he hit a teltphone pole

Public Comments

1. If your son had good coverage on the car, then then insurance company will have paid him for the loss. It may not be enough to pay off the car, unfortunately (in the future, you can get a coverage that would pay off your car in the event of a loss). If it wasn't enough, you would be expected to pay off the loan.
2. OK, so you cosigned for a loan or lease on a vehicle for your son. He insured it. He wrecked the car. The insurance paid "actual cash value" for the vehicle, less his deductible. That value included a "salvage value" that the insurance company would THEN own the vehicle. You guys should owe at LEAST the deductible amount to the finance company. Rephrase: Your son owes $5,000 on a car that's worth $4,000. He has a $500 deductible on the policy. He totals the car, the insurance company writes a check for how much the car is worth - $4,000 - minus the $500 deductible. They then own the car, and can do whatever they want with it - because they effectively bought the wrecked car for the pre-wreck value. So, they write a check to the finance company for $3,500 - $4,000 less the $500 deductible - leaving a balance of $1500 (the $5,000 loan balance, minus $3500). If you cosigned for the loan, you are responsible for that balance, and they can go after you for it - and probably will. Not what you want to hear, I know.