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The lien is still valid, so yes, they can repo it.

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Q: How long will a finance company still try to repo a car. I moved 3 years ago and they coulcn't find it. Will they still try to repo it 3 years later or would it be a judgment against me for money?
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What is a judgment in personal finance?

When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.


May a finance company charge finance charges after a judgment has been made?

Yes. After a judgment has been made, the defendant(s) have a specific period of time to meet the financial terms of the judgment. If they do not, the plaintiffs may collect a fair interest rate on the judgment until the monies are paid.


If your mobile home is voluntarily repossessed can the finance company impose a judgment against your land even if the land is not a part of the finance package?

If they choose to file a lawsuit for monies owed and the suit is won, it might be possible for the plaintiff to execute the judgment as a lien against the property. State statutes regulate when liens can be placed upon real property. Without knowing the state of residency it is not possible to be more specific.


If your car is repossessed will it be a charge off by the finance company or will it be a judgment?

A charge off does not designate that the debt is not valid and collectible. A judgment is a legal instrument awarded to the winning plaintiff in a civil suit and can be executed against any non exempt property belonging to the debtor. Some means of judgment enforcement are wage garnishment or bank account levy or seizure and liquidation of assets or liens against real property). Answer If your car is voluntaryly given back or forceably repossed, the finance company will rate the loan as I7 or I8. (I- stands for installment loan--the 7 for voluntary and 8 for repossesion.If you don't make arrangements to get the car back and the alloted time has lapsed, the finance company can sellor auction the car in order to get reinbursed. Most times the car is sold for less than the loan balance (because thevalue is not there) which then creates a deficit balance. The finance company will now try to collect this deficit balance from you and ANYONE who signed the original loan papers. If it is not paid and the balance is large enough, the finance company can place a judgment again against ANTONE that signed. (This includes co-signers or divorced spouses.)The only way to get a judgment released is 1. Proving in court that it is not yours or that the balance due is not correct and a JUDGE statesthat the judgment is incorrect and dismisses it; or 2. A settlement agreement is made on the amount owed and it is paid.


Can a finance company take money out of my account without my permission?

Not unless the creditor has a judgment order and executes it as a bank levy.


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How to pay judgment in chicago il?

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Can a auto finance company garnish your wages in a repossession?

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