IF they have JUDGEMENT, THEY CAN GARNISH YOUR WAGES OR ATTACH OTHER PERSONAL PROPERTY.
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
Law on this subject will vary from state to state, so you should see a local attorney. In most jurisdictions, the owner cannot sue to recover the payments they made. If the lender follows proper legal procedure, the lender should be able to sell the vehicle at a public auction, apply the proceeds to the loan balance and then sue the borrower for the deficiency.
if you are not up to date with your payments the vehicle is no longer yours and you have no legal right to it.Addendum:Technically, until your final payment and release of the lien, you do not own the vehicle at all. And, if you fall delinquent by a single day, likely per the contract, the full balance of the debt is due. The lender only repossesses the vehicle to deny you free use, AND to attempt to recover something.You have a right to notification of repossession. You have a right to recover your personal property from the vehicle, provided you pay first all applicable storoage fees. Otherwise you are only entitled to the inventory list. You have a right to know the final disposition of the vehicle and the remaining balance owed.
You may have paid a total of $17K but not all that money was applied to the principle so you have not paid off the loan yet. Lender will most likely sell car at auction to recover some of their losses and then you will be responsible for balance that is left. If you don't pay they will either write it off and ding your credit rating or sue you for the balance. QED.
* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.
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