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Received a letter saying a car you no longer own is going to be taken as payment of debt you live in ny can they take current vehicle letter says judgment was filed 3 years ago have no knowledge of?
Wiki User
∙ 14y ago
This is a relatively complicated matter, but if you sold the vehicle 3+ years ago, and no longer have any legal interest in the vehicle, but you failed to pay the outstanding balance on the loan, the lender has a legal right to the judgment against you. They cannot outright take any property of yours. They can garnish your wages, your bank accounts, and secure any monetary accounts you have. They can petition the court for the sale of other real property you have. If you have any other loans with this lender that are secured by collateral, they may convert that collateral and secure it to cover the outstanding judgment.
They cannot legally secure the car from the other owner in New York state. It is a lien loss. The contract they have is with you. The vehicle no longer secures that contract.
And, whether or not you have knowledge of the judgment, they can have it enforced. As you were not present when they secured it, it is a default judgment. Unless you can prove they did not take due dilligence in having you served (and good luck with that impossible feet), the judgment is legal and binding.
Wiki User
∙ 14y ago
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Off course. A payment on...is not paying it off.The judgement is to asure you will.
If payment terms are payment in 60 days is that legally when payment is sent or when it is received?
When payment is received. But, most lenders offer a grace period for receipt of payments, partially for this reason. Your best bet is to give no less than three days mail time for a payment to be received.
