Then the lender can proceed collection efforts, which can lead up to a lawsuit, a judgment, wage garnishment, or lien on your property.
You will also be liable for any deficiency balance
Yes, if there was a deficiency balance owing after the car was sold at auction. Your creditor would have to sue you and obtain judgment in order to garnish your wages.
I will answer the 1st part of the question "What is a deficiency judgment tied to property".A deficiency balance is whatever is left of a loan when the security has been sold--such as a repoed car is sold for less than the loan amount plus repo costs, storage, title & taxes, the balance remaining on the loan after applying what the car sold for is a deficit balance.A judgment was filed by the lending company to recover whatever money is still due them anda judgment automatically ties to real estate property if the borrower owns a home.
The repossess the car, can get a judgment against you and your credit is badly damaged.
As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.
Whether or not a car can be repossessed after a judgment depends on the judgment.
u eventualy lose your car
The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.
when your inside a car, and you dont have your seat belt on, your like a missle
Most of the time, your car may be de-registered.
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
your car will not work so dont try it unless you want a not working car!!!!!!