answersLogoWhite
Repossession
Debt Collection
Liens

If your car is repossessed what can they do to collect?


Top Answer
User Avatar
Wiki User
2015-07-16 18:28:38
2015-07-16 18:28:38

Brand, You COULDNT trade so you bought 2 more vehicles?? Is that correct?? IF so, you BEST move would be to sell the upside down car and put whatever you have to with what you get from selling to PAYOFF the loan. Sounds dumb huh? That is the CHEAPEST way out and keep good credit. Anything else will be MORE money AND collections. Collections usually include garnishment of your wages. If you know getting upside down was not smart, then you know this is the best way out. And please dont let a "friend" take up the notes. That only works in 1 out of 25000 cases. You'll probably be back in 2 months crying that your 'friend" didnt make the payments and "HOW do I get my car back".Please make the right decision this time. Good Luck

Related Questions

User Avatar

Until the Statute of Limitations tolls on the judgement.

User Avatar

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

User Avatar

if i get my car repossessed, can they put a llien on the house?

User Avatar

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

User Avatar

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.