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Yes, you are responsible.

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โˆ™ 2008-06-13 15:37:14
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Q: Are you responsible for a judgment obtained on you in 2004 when the vehicle was repossessed in 1998?
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Related questions

Who is responsible for damage to a vehicle during a repossession?

the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.


Can your wages be garnished for a vehicle that was repossessed 7 years ago?

A creditor cannot garnish your wages unless they file a lawsuit and obtained a judgment against you. The time deadline to file a lawsuit will vary by state.


Can a person with a repossession purchase another vehicle?

Yes. However, please note: 1. If the creditor who repossessed your old vehicle sued you and obtained a judgment against you, you would have to pay the judgment in full before buying another car. Otherwise, the judgment could be attached to you new car, and it too would be repossessed. 2. After a repossession, you may find it hard to get financing for a vehicle. If you need financing, check with your local bank or lenders who specialize in giving loans to borrowers with less than perfect credit.


Can a bank seize a vehicle belonging to the debtor for money owed on a repossessed vehicle?

If they have a judgment against you, yes. However, if they DO have a judgment against you, you should have been notified and it should be a matter of public record.


Can a vehicle be repossessed by judgment order if there is a lien on it?

YesYes


If your vehicle was repossessed and you now have a judgment how do you get the judgment off?

The judgment creditor must be paid in full according to the terms of the judgment order. Most judgments are renewable and can remain on a credit report indefinitely until paid.


Can a car be repossessed if the owner dies before the first payment is due?

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.


When a car is repossessed are you still responsible if is involved in an accident?

Once the agent takes possession of the vehicle, they are responsible for any damages which occur.


Is it legal for the buyer to be charged the full price of their repossessed vehicle?

When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.


Who is responsible for returning tags when vehicle is repossessed?

In New Jersey, it is the responsibility of the person who registered the vehicle. When the vehicle is repossessed, the person from whom it was taken will be contacted to allow them to pick up their belongings. At this time, they will be given the plates as well as any other personal items left in the vehicle. They can then be returned to the agency.


Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?

Yes, he or she would be equally responsible for the repayment of the loan balance.


Where do you stand if repossessed truck is sold for less then the loan?

You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


Is the owner responsible for any paperwork when voluntarily returning a repossessed vehicle to a dealer?

What state are you in??? Laws VARY by state.


What happens when lease cannot be paid back?

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.


Can a disabled person's vehicle be repossessed in Florida?

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.


Who is responsible for damage to a repossessed car?

The tow company is responsible for damage they did to the vehicle, if they claim they didn't do it you have to prove it and make a claim/sue them, otherwise you need to claim it on your insurance.


When you vehicle is reposed are you financially responsible to pay the bank anything?

When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.


Can a civil judgment result in the repossession of a car that is co owned?

If the civil judgment is due to not making payments for an auto loan on the car that is in question, then yes, that car may be repossessed as a result of the judgment. If there is a judgment against both owners of the car (i.e., if the co-owners are both listed as defendants), then the car is considered an asset and may be repossessed unless there is proof that the car is required for one or all of the co-owners to earn money in order to pay the judgment. If there is a judgment against only one of the owners of the car (i.e., if one of the co-owners is listed as a defendant, but ANY of the others are not), then no, the vehicle may not be repossessed.


Can a creditor garnish your wages for a vehicle that they have repossessed?

Yes. There's a process they have to follow, which includes getting a court judgment against you. If you don't hold to that judgment (which is usually paying back the money owed), they can ask the court to garnish your wages.


If a financed vehicle is contracted with another person who is not making payments can it be repossessed?

If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.


Do you have to pay the balance of your car loan after it is repossessed?

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?

Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.


If you have a secured loan such as an auto loan can the finance company attach any other property?

If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.


What date is used in cancellation of debt the last payment or when the vehicle was given back?

The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.