Repo a car after in laws filed for bankruptcy...

[acaligirl]

...4 years ago...? My husband and I bought a car through Kia in January. (The car is in my father in law's name completely.) We drive it and everything but my in laws didnt put us on the insurance. (we always assumed we were) and I got hit by another driver and the insurance wont cover it because we just found out that my in law's had put my husband and I as exempt. (Yes, dumb, i know.) Anyways, my husband and I desperately need a car and this was has over $3,000 of damage to it which my in laws and I cant pay. What should we do? Should we let the car go to repo or continue paying off a$560 monthly payment on a car we cant use? My inlaws filed for bankruptcy about 4 years ago....will this affect anything?The reason why the car was in my father in law's name is because we needed a new car and we couldnt get approved so my father in law signed a loan and gave us the car. We traded in our old car for this new car that is now in my in law's name. Second of all, I was paying my mother in law $160 of insurance a month (and while the card didnt show our names she kept telling us that we were insured, all we had to do was just call the insurance company if something came up.)

[BeachBum]

I'm confused as to why the car was in the in-laws' names to begin with and why you didn't have your own insurance. Purchasing an auto is probably the easiest thing to do once BK has been filed. However, not so easy if a repo is brand new. What, exactly do you mean by you and your husband being 'exempt' on a policy? Never heard of it before.If you got hit by another driver, and that drive is at fault, his/her insurance should cover the damages to your in-laws' auto. Their insurance company would regain whatever is spent by having the at-fault driver's insurance reimburse them.Is there something you're not telling us here?