Mom 80 yrs old, victimized by grandson, cosigned 4 his car, he no pay, Repossessed $16,779 owed. Alternatives?
Answer:
Once a vehicle is repossessed they will allow the buyer and co-buyer 15 days, by law, to redeem. If your Mom does not redeem the vehicle, the next step for Chase would be to sell the vehicle at auction and apply the proceeds to the loan.
Then they will pursue collections and or legal action for the balance. This is usually done in Small Claims, every state has a limit on the amount you can collect. They will try to serve both party's and seek a Legal Judgment against both. I doubt they would get much from your mother since I'm assuming she is retired and collecting SSI and or retirement, both cannot be garnished. If she is a homeowner they can place a lien on her home to collect money due to them.
It's kind of her fault for helping such a dead beat. I guess its something she will have to learn the hard way.
grandson could possibly be charged with elder abuse if prosecutor has the stones to pursue it?stress and related problems could cause health problems at her age?grandson must be a real piece of crap? to do his Granmaw dirty?if health problems cause injury or death wonder what would happen then?If it was me,I would file fraud charges to start proceedings.
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