2006-06-20 04:30:28 · 20 answers · asked by akaskeewee01 2 in Business & Finance ➔ Credit
No there is no debtors prison anymore...
2006-06-20 04:33:22 · answer #1 · answered by Hawk996 6 · 0⤊ 0⤋
I have to believe the people who are saying there is a chance of going to prision are joking with you.
Only if you have obtained the car under fraudulent circumstances, such as using someone elses name, could you go to jail and that isn't for not paying for the car, that is for committing fraud.
Debtor's prisions were outlawed at least 50 years ago.
However, if you have the car and can't pay for it, return it to the finance company. You can't drive if for free
2006-06-20 13:46:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
To Rita....in order to be convicted of "theft by deception" you have to prove there was a fraud involved. Hard to prove. Most law enforcement agencies will just tell you to pursue civil actions.
You will not go to jail for any loan (credit cards included) unless it can be proven a criminal intent to defraud. In this case all they will do is repo the car, and go after you for any remaining balance to the loan. It's not a criminal act, but creditors love to scare you into thinking it is.
2006-06-20 12:04:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
it's dealing with a breach of contract (which is signed when receiving the loan); that breach of contract will get you to court and if convicted, you'll probably end up paying a lot more than if the loan was just paid back; no jail time however, just your credit report, and life, in shambles.
... you think interest was a b*#&$, see what happens if you don't pay back the loan!
2006-06-20 11:36:19 · answer #4 · answered by Tarvold 3 · 0⤊ 0⤋
You can not be jailed for failure to pay a civil debt. You can have your assets seized, and pay garnisheed, but under normal situations you can not be jailed.
If you are ordered by a court, such as in a bankruptcy case, to return the vehicle to the lender, or to produce financial records, and you refuse, you could be jailed for contempt of court!
Collection agencies will try to tell you all sorts of false stuff, to try to scare you into making payments.
2006-06-20 12:17:30 · answer #5 · answered by fire4511 7 · 0⤊ 0⤋
Oh yeah. and they can take anything else in your name, plus you would be required to pay the loan anyway. Why wouldn't you pay it? You borrowed the money, you drive the car. Did you think it was free?
2006-06-20 11:34:31 · answer #6 · answered by *~*~*~*~* 3 · 0⤊ 0⤋
Of course they can..it's called "Debtors Prision"
it's in Oklahoma. If you are a least 2 Month's late you can get 20 years
2006-06-20 13:20:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No. As long as the car has been given back, they cannot.
2006-06-20 11:34:00 · answer #8 · answered by AsianPersuasion :) 7 · 0⤊ 0⤋
I think they would garnish your pay checks, tax returns, and your bank accounts, your better off making arrangements, but if you default, they will seize your money from any accounts you have.
2006-06-20 11:35:32 · answer #9 · answered by mt_lil 2 · 0⤊ 0⤋
depends ---dint make any payment? and basically stole it? it will be repossesd...the credit will be in shambles...but jail? nah...no debtors prsions in america any more. they can repo it---auction it off and send you the bill for the difference
2006-06-20 11:35:43 · answer #10 · answered by Jack Kerouac 6 · 0⤊ 0⤋
Depends where you live, but from what I've read on the Fool.com / Fool.co.uk "get out of debt" section, not in the USA or United Kingdom.
US "Get out of Debt" section:
http://www.fool.com/ccc/debt/debt.htm
UK "Get out of Debt" section:
http://www.fool.co.uk/debt/articles/whyhere.htm
2006-06-21 13:43:41 · answer #11 · answered by Anonymous · 0⤊ 0⤋