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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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โˆ™ 2015-07-17 17:44:38
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Q: What happens after repossession?
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What happens in a repossession?

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


What happens to your license plates after repossession in NY?

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


Who is responsible for damage to the yard during a repossession in Florida?

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


What happens after a repossession?

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.


Does repossession show on your credit report as soon as the car is taken or after it is auctioned?

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.


What happens if you hide a vehicle from repossession in colorado?

You are guilty of grand theft auto.


What happens if you hide your car from repossession in Iowa?

Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.


In Texas how many months before repossession?

No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.


What happens when your leased vehicle is repossessed?

READ your lease contract. It should specify the results of repossession.


What happens to the car after repossession?

The bank sells your car at an auction lot for about half the price you paid for it.


What happens if you conceal a car on repossession in Florida?

Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.


What happens when you get call regarding repossession but no letter after making a payment?

One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Do still own the car after a repossession?

Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


What happens if you haven't paid the remaining balance after the repossession?

"remaining balance" as in what you are behind OR the remaining balance due on the loan??


What is repossession insurance?

Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.


What happens if you deny repossession?

They repo agent will take it when your not looking. The agent still has a job to do and only get paid if the jod is complete.


Does the repossession company have to report the repossession to the police after the repossession?

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.


How late can a vehicle payment be in Virginia before repossession?

I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.


What happens to the deficiency of a repossession after chapter 7 bankruptcy is discharged?

IF you list it on the B/K. it goes away, you dont owe it anymore.


How do you write a car repossession letter?

How do you write a car repossession letter?


What will a repossession do to your credit report?

A repossession is a serious negative and will drop your scores.


Is it legal to carry a firearm during a repossession?

Repossession of what? Who? The repo agent?