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Need some financial advice
I have a friend (let's say A) who is using his name for a car loan that has 12 months COE left for a friend (let's say B). B is the one using the car and servicing the loan but recently he's been paying late, and not even responding to text/calls. A is a pissed off with B, so he wants to consider his options.
If he takes somehow finds and managed takes back the first car, he has to service the loan. A is also paying for a 2nd car loan he is using as PHV. The first car its not registered for PHV and has a much higher loan. It would be wallet damaging even if he sells off his first car. If A reports the car stolen/missing, insurance would be not able to cover the loan so that's also wallet damaging. If A does nothing and hopes B will continue to service the loan (12 months left), what happens if B can't pay? They will repossess the car and can the loan company bankrupt A? What are your suggestions? |
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