sports car loan want me to compensate for a suv they sold after my son have a reck sports car be not running . they fix finder.?
not abe to pay. My son have good insurance he hit a teltphone pole
Answers:
If your son have good coverage on the motor, then afterwards insurance company will have rewarded him for the loss. It may not be enough to payment off the saloon, unfortunately (in the adjectives, you can get a coverage that would pay packet off your motor in the event of a loss). If it wasn't plenty, you would be expected to pay past its sell-by date the loan.
Other Answers:
OK, so you cosigned for a loan or lease on a vehicle for your son. He insured it. He wrecked the car. The insurance compensated "actual cash value" for the vehicle, smaller number 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 nouns company.
Rephrase: Your son owes $5,000 on a car that's worth $4,000. He have a $500 deductible on the policy. He totals the car, the insurance company writes a check for how much the motor is worth - $4,000 - minus the $500 deductible. They then own the vehicle, and can do whatever they want beside it - because they effectively bought the wrecked car for the pre-wreck utility.
So, they write a check to the finance company for $3,500 - $4,000 smaller number the $500 deductible - leaving a set off of $1500 (the $5,000 loan balance, minus $3500).
If you cosigned for the loan, you are responsible for that symmetry, and they can go after you for it - and probably will.
Not what you want to hear, I know.