== == I know they can't garnish your wages but not sure about liens.
As far as I know, in this state if it's repo'd it's sold at auction then your responsible for any balance left remaining between what's owed and what it brought at auction. But that's here and could be different by state. Yes you can, If the car is taken from you, you can be held legally responsible. They will take and sell the car at auction to the highest bidder. You are then responsible for all costs inccured from the sale. The balance remaining.
If you don't pay the balance of the loan after repossession, the lender can take you to court for the remaining balance or they can charge it off. Neither is a good thing, so it is best to pay the remaining balance as soon as possible. ___________________________________________________ Most vehicles that have been repossessed are sold at auction. When this occurs, you are responsible for any balance that remains less the monies collected from the sale. If a balance remains and you fail to pay it then the creditor or lending agency can sue for the balance due plus legal fees.
Voluntary RepossessionOnce this vehicle has been auctioned off, the remaining balance that is left on this loan will be your responsibility to pay off. You can contact this collection agency once you receive a new statement of this balance. Usually the two options that you have is either make monthly payments or you can negotiate a settlement. Your best bet is to save anywhere from 30-50% of the remaining balance, and settle. Get everything in writing before making a final payment.
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