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If no action has been taken by any credit card company yet can the owner put a new paid off vehicle in his son's name to protect this car?
Wiki User
∙ 8y ago
This is a very difficult issue. It would depend on what action was going to be implemented, bankruptcy, lawsuit judgment, etc. There are state and federal statutes directly prohibiting the transfer of property to shield it from creditor action. This is known as a "fraudulent conveyance" the deciding factor is the timing of the transfer. It's almost impossible to predict how a court would view this action.
Wiki User
∙ 8y ago
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Can a credit card company take your car in New York?
No. A credit card company can win a judgment against you, which is a court order to pay a debt. If you still refuse or cannot pay, they can garnish your wages. But the company, who is not the law, cannot take your vehicle. * Vehicles are protected to the extent of the exemption that is allowed under the laws of the state where the debtor resides. It is possible if the exemption does not protect the vehicle and there is a considerable amount of equity the judgment creditor can pay off the lender/lien holder give the debtor his or her exemption amount and then seize and sell the vehicle. This rarely happens as it is expensive and time consuming and the judgment creditor seldom garners enough excess monies for the action to be profitable.
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
When a vehicle is purchased on credit for a husbands company by his wife and the husband does not make the payments who's responsible?
The wife is responsible as she was the one who signed the credit contract.
How long does the credit company have to make a claim for repayment on a repossessed vehicle?
Possibly up to 7 years.
What is fair credit billing act?
Who does the Fair Credit Billing protect Who does the Fair Credit Billing protect
When was Credit Action created?
Credit Action was created in 1994.
What happens if you dont return a vehicle under repo?
If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.
Can a credit card company take your paid off vehicle?
They can if they got a judgment on your possessions for non payment of debt, otherwise no.
What services does the Ford Motor credit company offer to consumers?
Ford Motor credit company offers services to customers primarily to enable them to buy a Ford motor vehicle. It enables both financing and leasing of Ford vehicles.
Can a son transfer his credit card balance of a card to his mom's new credit card?
Provided the mother had enough available credit on the card yes. Incidentally, the mother would have to be the one that called her credit card company to action it.
When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
What kind of insurance should I get to protect myself when driving a rental car?
Generally your major credit card will cover you in a rental vehicle. If you want to be extra saf or have a feeling something's gonna happen, you can purchase additional insurance from the rental company, though this is generally considered unnecessary.
