My question involves an auto loan or repossession in the State of: California
My wife who does not have a job co-signed for a truck for my son. My son was delinquent on payments, and the bank repossessed his truck last week. I am not on the loan or the title. can the bank come after my income since my wife does not have income?
I don't have money to pay off the loan and do anticipate my wife will end up with a deficiency judgment once the bank sells the truck at auction. Will I be liable for any of this debt? lastly, what are my wife's options? FYI, we don't own any real property.
Thank you for your help.