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What can happen if a voluntary repossession is done and the vehicle has sold and you can't pay the balance remaining and a judgment is obtained but you still can't pay?
Wiki User
∙ 18y ago
They can try and garnish your wages(if your working)or they will work out a payment plan with you for the remainder or a portion of the outstanding balance.One option you have is to declare bankruptcy to clear your debts.You cannot be thrown in jail if you cannot pay.
Wiki User
∙ 18y ago
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Can a auto finance company garnish your wages in a repossession?
Yes, if they obtained a judgment in the processes. No employer will release wages to a third party without a valid order of garnishment however.
If you retrun a car the is being repoed will your wages still be garnished?
If the lender has obtained a judgment against you, and garnishment has begun, yes. The lender will continue to garnish your wages until the balance of the debt is paid. This could include the remaining balance after the vehicle was sold at auction and all costs, interest, and penalties incurred by the repossession.
Can a person with a repossession purchase another vehicle?
Yes. However, please note: 1. If the creditor who repossessed your old vehicle sued you and obtained a judgment against you, you would have to pay the judgment in full before buying another car. Otherwise, the judgment could be attached to you new car, and it too would be repossessed. 2. After a repossession, you may find it hard to get financing for a vehicle. If you need financing, check with your local bank or lenders who specialize in giving loans to borrowers with less than perfect credit.
Can Virginia garnish your wages for an auto repossession?
Your wages can be garnished for an auto repossession if there is a court order. All wage garnishment's must be obtained from the county court of your residence.
Do you have to pay the excess for a claim against your car insurance?
Your insurance co will cover damages up to the policy limit. If there is excess, you may be suit in civil court for the remaining amount. Once a judgment against you is obtained, you have to pay it.
If you have a car loan in Wisconsin and are almost 2 months late how soon will they repo the car and do they contact you prior to repossession?
To my knowledge they haven't changed the law in WI. yet, so here ya go. Of course, IF you have refused to surrender, they may already have the judgment and be on the way.TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by debtor.LICENSE REGISTRATION: Wisconsin Division of Motor Vehicles, 4802 Sheboygan Avenue, Madison, Wisconsin 53705. Tel.:(608)266-1466.RECOVERY REQUIREMENT: The debtor must be contacted and is required to sign a voluntary surrender of the collateral. If he refuses to surrender the collateral, a judgment must be obtained granting the right to self help recovery.DOCUMENTS REQUIRED FOR LIQUIDATION: Title, Repossession Affidavit, and Copy of Contract.PLATES: Remain with debtor.
How long after a repossession can a lender come after you for the money owed still?
When the vehicle is recovered, it is taken to a lot, inventoried, and eventually taken to auction. The amount received at auction is applied to the amount owed, including repo fees and collection fees. In the event the lender obtained a judgment against you for the unpaid balance, they have 10 years from the date the auction proceeds were applied to the loan. If there is no judgment, they have 7 years.
Can a land surveyor put a lien on property in Georgia?
If the surveyor was not paid, sued in court and obtained a judgment then the judgment lien can be recorded.
Are you responsible for a judgment obtained on you in 2004 when the vehicle was repossessed in 1998?
Yes, you are responsible.
In the state of Texas what happens after a default judgment?
A default judgment is nothing more than a judgment obtained because defendant did not show up for court. In Texas, when a default judgment is entered, the petitioner gets all that they have asked for.
Can you give a judgment for less then 100.00 is owed?
In most states a judgment can be obtained in small claims court for an amount owed of $20 to $5,000. Your answer is yes.
How long can a repossession stay on your credit report?
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance of the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well. If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years.
