Q: Am I in danger of going to jail?
I have an auto loan in the state of wyoming. In my loan contract it states not to sell collateral. I foolishly let someone take over payments and planned to sign the title to them once payments were complete. They totaled the vehicle and now I potentially owe the full amount of the loan to the bank. Am I in danger of facing jail time? What are my options for paying the bank back if the insurance doesn't cover it? The vehicle had full coverage insurance under that individuals name.
A: No. It’s a civil matter. The insurance should pay off the loan to the bank.
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