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What happens after repossession?

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2015-07-17 17:44:38
2015-07-17 17:44:38

Yes they can take you to court, try to get a judgment, and then try to garnish wages, put leins on property, etc. THis varies by state law but they can't "SUE" you and have a judge force you to pay. They got rid of debter prisions a while back thank goodness.

The finance company will sell your auto wholesale (much cheaper than you could have sold it) and then say you owe them the difference. You can look up the wage garnish laws, and property lien laws of your state online. In most states only the mortgage company can force you to sell your home, but check it out. This debt can also be wiped out by filing bankruptcy successfully.

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The repossession agent shows up and takes the car if everything goes correctly.

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what happens to your liscense plates after reposesion in N.Y.

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The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.

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After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.

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It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.


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