Call DCA's Consumer Information Center toll-free at 1-800-952-5210.In the Sacramento area call (916) 445-1254.
I bought a new Dodge Stratus and lost my job and can no longer make the payments because I have lost my job and have IRS debts that are more of a priority.
Thus, I want to do a voluntary repossession.
The loan is much higher than what the car is worth ($22k loan and probably $10k value) This was because I loaded additional funds on to pay off the loan on my old car as part of a divorce settlement.
My question is: what is the downside beside the major hit against my credit for 7 years? Can Ford Motor Credit hit me with a deficiency judgment and sue me or garnish wages when if I get a new job?
My question is: what is the downside beside the major hit against my credit for 7 years? Can Ford Motor Credit hit me with a deficiency judgment YES and likely WILLand sue me or garnish wages when if I get a new job?YES, unless you pursue the B/K route
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Related Questions
What are automobile repossession wage garnishment laws for Alabama?
=purple and black=
What is maximum wage garnishment for California?
The maximum garnishment permitted under California is found under California laws and regulations.
What are the wage garnishment laws concerning repossession in Kansas?
The state applies federal guidelines to wage garnishment judgments. The maximum amount is 25% of disposable income with the first $154.50 (weekly based) being exempt from garnishment action.
Where can someone find information about wage garnishment laws?
XpertHR offers information on ensuring compliance with wage garnishment laws. A garnishment is a legal mean for collecting money from an individual to pay off a debt.
If you live in one state but your bank is in another which state laws apply when dealing with a repossession?
Generally the laws of the state where the contract was signed take precedence. I disagree. If the car is registered in California and titled in California, and located in California, California law applies. The validity of the debt, late fees, and so on ARE determined by where the contract was signed, but California has specific laws on the procedure for repossession.
What are the laws in the state of Florida regarding car repossessions and wage garnishment for a repossession in the state of Florida?
http://myfloridalegal.com/pages.nsf/0/9707bb48d49ce38985256cc9004e3ee5?OpenDocument you can start here
When does a repossession legally take place in California?
The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
What are the repossession laws in Wisconsin?
See the links below for the repossession laws and other information for Wisconsin.
What are the repossession laws in California?
California statutes are organized into broad titles (i.e. Penal Code, Civil Code, etc.). Finding the applicable law on repossession depends on the type of property involved. For example, laws regarding car repossession are set forth in California's Rees-Levering Automobile Sales and Finance Act, Civil Code section 2981, et seq.
Where do you find state laws regarding auto repossession?
Repo Laws can be found at a site called www.dmv.org or you can also check your local laws.
Where can you find a wage garnishment template?
The proper procedure for the garnishment of wages is established by the laws of the state in which the debtor resides. Generally, the person/plaintiff wishing to initiate a garnishment must file the writ of judgment as a garnishment order with the clerk of the court in which the judgment was granted.
What are the laws in the state of Texas regarding car repossessions and wage garnishment for a repossession?
Can a repo man bust a chain and lock to your gate to gain access to your property for reposesion of your vehicle. I live in Texas.
Do the same repossession laws mandated by the State of California apply when you purchase from a private party?
NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507
Is notification of a car repossession required in the state of California?
Yes, I think it is. We have so many laws concerning things like that.
Mississippi income garnishment laws?
What is the maxiam fee I can charge someone for garnishment withholdings
Where can you find the repo laws for NYC?
Repossession laws are enacted by states and are applicable to all the municipalities within that state. Please see link.
What are the CA laws on mobile home repossession?
The California laws on any re-possession are extensive and complicated. -Google that exact wording, or inquire at the State Attorney General Office.
Where in California can someone find information on DUI laws?
California DUI laws can be found on the website for the California DMV. You can also find information on the privately owned DMV website, which covers every state's laws.
Do garnish laws apply for the state where you work or the state where you live?
Typically, garnishment laws apply to where the garnishment occurs. If for instances you live in Michigan but work and bank in Ohio, the laws of Ohio would apply. The assets are in Ohio. The garnishment is served on institutions in Ohio. It does not matter were you reside.
Where can you find information regarding the laws and repossession of vehicles in Texas?
You could try the Library or possibly the local courthouse.
What are the Wage garnishment laws in Ohio?
Brian A Lavelle
Where can one find information about California drunk driving laws?
There are many places where one can find information about California drunk driving laws. One can find information about California drunk driving laws at popular on the web sources such as DMV CA and Nolo.
What are the Texas garnishment laws?
If it's a federally-guaranteed student loan, they can do administrative wage garnishment in ANY state.
What are the laws of repossession in OH?
its not the laws of Ohio. its the laws of each town or city. i repo in Ohio and it varies everywhere you go.... email and I'll try to answer your questions or find them out, rapidrecoverysolutions04@yahoo.com
Where can you find laws and licensing information regarding Auto Repo for the state of Utah?
I have a number of good links on my site for Utah repossession laws: http://www.carsofutah.com
