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Once a creditor obtains a court judgment it can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in.

Input from FAQ Farmers:

There's one asset they probably CAN get. If you have any deposits in the same bank - checking, savings, or CD's - you probably signed a paper that said they could "offset" the loan with these assets. It's legal in all states that I know about and quite easy for the bank to collect. Of course, if you can't make the monthly payments, you probably don't have the payoff amount in your checking account either.

After your car is repossessed the bank can seek a court judgment against you for any balance still owed on the loan after the bank sells the car. If you trashed a new vehicle you may still owe a large balance after the car is sold. If successful in court, the lender can record the judgment lien in the land records and you cannot sell or refinance your property until the lien is paid. In states that have homestead protection the creditor cannot force the sale of your home to satisfy the debt. However, it can keep the lien on the property and get paid if you sell or refinance.

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โˆ™ 2017-10-10 17:11:37
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Q: Can the bank take your other assets after they repossess your vehicle?
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Related questions

Can a bank take your other assets after repossession of vehicle in Ga?

Our company that refinanced the vehicle is threatning to garnish wages and garnish our other vehicle (of which is paid for) and other assets.

When a repo takes place can the bank repossess your car and take any other assets you have?

A repo man is hired by the bank to collect an asset a loan is secured by. It is the only thing that they are allowed to touch, also anything that belongs to you inside the vehicle is still yours and you are entitled to it. Anything that you have installed on the vehicle however does not.

Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.

Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?

The bank can repossess the car if payments are not made.

Can a bank take a car that some else as a lien on?

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

Can a bank repossess a vehicle that is not used for collateral?

If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.

Can the bank take your car at the dealer if it is in the process of repossession?

The bank can repossess their (not 'your' vehicle until you possess the pink slip) vehicle at any point where it's accessible to them, including places of business.

Can a bank suspend your license or registration for non payment on a truck?

Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.

Is it legal for a dealership to repossess a vehicle that was not financed only a bank error without letting you correct the problem?


You can't pay for the car but the company won't come get it?

The bank that you have the loan with hires repo men to repossess the vehicle

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