answersLogoWhite
Repossession
Personal Finance
Loans
Money Management

What legal action can a creditor take if you have defaulted on your loan and the vehicle cannot be found anywhere?


Top Answer
User Avatar
Wiki User
2004-11-24 18:45:09
2004-11-24 18:45:09

"vehicle cannot be found anywhere? " NO candy for you...If you were the bank, would you believe that line?? Rem ,Cars DONT fall off the face of the earth. Spmeone's bbaby's mothers aunties boyfrined is driving your car. IF it was stolen, YOU would have reported it to the cops.Good Luck http://www.capitol.state.tx.us/statutes/cvtoc.html CHAPTER 31. JUDGMENTS SECTION 31.001. PASSAGE OF TITLE SECTION 31.002. COLLECTION OF JUDGMENT THROUGH COURT PROCEEDING SECTION 31.0025. AUTHORITY OF COURT TO ORDER TURNOVER OF WAGES SECTION 31.003. JUDGMENT AGAINST PARTNERSHIP SECTION 31.004. EFFECT OF ADJUDICATION IN LOWER TRIAL COURT SECTION 31.005. EFFECT OF ADJUDICATION IN SMALL CLAIMS OR JUSTICE OF THE PEACE COURT SECTION 31.006. REVIVAL OF JUDGMENT SECTION 31.007. PARTIES RESPONSIBLE FOR ACCOUNTING OF OWN COSTS SECTION 31.008. PAYMENT OF UNCLAIMED JUDGMENT SECTION 31.010. TURNOVER BY FINANCIAL INSTITUTION

Related Questions

User Avatar

In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.

User Avatar

Yes. If the account is not paid as agreed in the original contract the creditor can sue the debtor, but they ususally try to avoid legal action.

User Avatar

Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.

User Avatar

Not sure what is intended by "clear" but whether or not the vehicle can be seized depends upon a couple of issues. The most important one being how the vehicle is titled. If the names on the title are separated by the word "or" then each person has total ownership of the vehicle and may take whatever action they choose without the other owner being a part of it. That would mean the vehicle could be subject to seizure by a judgment creditor. If the names are separted by the word "and" the vehicle is owned jointly and no action including creditor judgment can be taken without the consent of the other owner. The other issue is whether or not the vehicle is protected by the exemption laws in the state where it is registered.

User Avatar

The creditor is asking to be excluded from the bankruptcy. If that is granted the debt will be valid and the creditor can resume collection action.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.