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If your car was repossessed 7 years ago can creditors come after you for payment now in the State of Georgia?
Wiki User
∙ 14y ago
Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.
Wiki User
∙ 14y ago
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Can your wages be garnished in the state of Georgia to pay for a repossessed car?
YES.
Can a vehicle be repossessed if the payment is 21 days late in New York State?
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
How much time in the state of Massachusetts do you have until your car is repossessed?
Three months of non-payment
In Georgia How many days in arrears before repossession?
Most lending contracts are worded to state that even 1 day late on a payment can constitute as a default. Once you have defaulted on the loan, the lending provider can have the car repossessed. This is true for residents of the state of Georgia, however, most loan providers will work with you if you're only a month or two behind.
Is Georgia a state that prohibits pre-payment penalties in mortgages?
Georgia did pass a law prohibiting prepayment penalties.
Can a vehicle be repossessed just one day after the payment is due?
Absolutely, and it's probably in your contract. Once the due date for payment has passed, the car belongs to the dealership. It depends upon whether the laws of the state where the vehicle was purchased allow judicial and/or non judicial repossession of secured property. If your contract states "no grace period" then the car is "ripe" for Repossession. In some States there is a semi-lengthy Repo process that may buy you some time but if the necessary payment is not made by Closing Time of the Dealership on said day, the car CAN be repossessed THAT night. I base this on Georgia Law. Y-THINK-Y
What happens when a car is repossessed in the state of Georgia?
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.
Can a finance company give out informantion on the phone about your payment history?
Unfortunately, they probably can. Original creditors are not bound by the Fair Debt Collection Practices Act (FDCPA) as are 3rd party debt collectors. However, somes states do include original creditors in their state version of the FDCPA. Check your state statutes.
Who is allowed to repo boats?
Some companies are paid by creditors, such as banks, to repossess property in the event of a default on payment. Laws governing repossession tend to vary by state.
How much time do you have before your car is repossessed?
Depends on the contract you signed and the state that you live in. Some states require a 15 or 20 day Right to Cure letter be sent to the debtor prior to repossession and some states allow the vehicle to be repossessed the day after you miss your payment.
Does georgia have a state tax limitation?
For Federal income tax purposes, the IRS does not charge a late payment penalty, for the period.
Can a court order a company or person to file bankruptcy in the state of Georgia?
Bankruptcy is normally voluntary, however if your creditors feel it is required for them to get paid and you refuse, they can force it - an involuntary bankruptcy.
