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If my car is repoed do I still have to pay the car finance company? will I still receive collection calls?

I signed a car for a friend. Now they are unable to make the payments on it. I cannot make payments as I already have a car. I am unable to sell it as I owe more than what it's worth. If the car is repoed I know that my credit will be effected. But will my car financing company still come after me for the money?

4 Answers

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  • 1 decade ago
    Favorite Answer

    ,, yes you will still owe the money, plus interest, late charges, is why i always tell people it is foolish to let car get repoed, you will still be responsible for the loan. it is not about the car, it is about the loan,, the second the car is off the lot, the dealer got the $,,,, you are responsible for the loan

    Source(s): its not maybe or probably,, it is true,, and you will have a repo on your credit report until the loan is paid,,, i worked repo collections for 3 years
  • 5 years ago

    i could be incorrect yet i think of the statute of limitations have come and long previous. If it have been me, i might have a sturdy snigger and throw the interest interior the trash yet then it relatively is in simple terms me. i'm getting a bill from a "telephone e book" organization as quickly as a month for an upload I in no way took out. final observe the quantity substitute into approximately $4100.00 and the upload substitute into approximately an inch and a 0.5 by skill of an inch and a 0.5 it additionally had an virtually vulgar image on it. i'm getting considered one of those sturdy snigger each and each month out of them in simple terms till now I trash it.

  • 1 decade ago

    They may...all depends on whether they believe they can get it from you without spending more than you owe.

  • Anonymous
    1 decade ago

    yes maybe good luck

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