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What happens after repossession?

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โˆ™ 2015-07-17 17:44:38

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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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Related questions

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.


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.


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 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.

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