I have a family member who is on some hard times right now. He was able to get a car loan through a bank with a co-signer (my late father) about a year ago and was able to own a decent car for the first time in his life. He had his first ever accident last week and his car was totaled by the insurance company. The problem is that after the bank gets the settlement, he will be short about $1500 of what he owes.

Is there a chance the bank write would off the balance? He has good payment history with the loan. If not, I guess he will have to roll that outstanding balance into a new car loan. I told him that he won't be able to use a bank and that his only option is the secondary loan market through a used car lot that will finance people with bad or no credit history.

Any advice y'all got, I'm listening. This is uncharted waters for me.

Dr. B