Yes they can. Whomever you owe money too, sit down and start writing those letters to one or more companies you owe the money. Explain your circumstances, then send the letter(s) Registered Mail (this means someone at the Company such as the Accountant will have to sign for your letter) and be sure to keep a copy of the letters you write. Make a good effort to pay what you can afford. If you pay $10 - $20 on a credit card debt and have written the company they can't legally do anything about it. You can also have them lower their interest rates! Marcy No they cannot threaten any action whatsoever, as stipulated in the FDCPA. Any collection agency that alludes or actually threatens a consumer/debtor is subject to being fines and other penalties. Such action should be reported to the involved party's to the justice department of the state attorney general office.
A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.
If you mean can the dealership take your car, if you don't make your payments. Yes. Usually the finance company will take your car, because the dealership has already passed your account to the finance company. If you have made a deal for a car that the dealership later discovers you don't meet the financial criteria, they will take your car back and offer you a lesser model for deal that suits your budget better.
Sure ... as it is not YOUR car ... you are not the OWNER of the car ... the loan company OWNS the car outright. If you do not pay for something that you buy on time, the loan company has every right to take it back. You see, they hold the owners title on the car, so it is theirs to take away if one does not make the payments anymore.
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