They dont have an address of where the vechile is...will they file suit?
2006-07-18 04:01:01 · 6 answers · asked by Shanay 1 in Politics & Government ➔ Law & Ethics
Yes, they will. And they will call all of your references and eventually find you.
2006-07-18 04:04:21 · answer #1 · answered by AsianPersuasion :) 7 · 0⤊ 0⤋
I am not sure if a lease is different, I had a regular finance. If the reason you have not paid is temporary, then calling them and asking for some help would be your first step. But 90 days, you should have already done this. They may have moved 2 payments to the end of your loan and allowed you to catch up. Not telling them where the car is is larceny. If you truly can't afford the car, bring it back to the dealership and turn it in. It maybe too late for a voluntary repossession ( better on your credit report). But either way, you really need to do something now. You can go to jail if this continues.
2006-07-18 04:22:51 · answer #2 · answered by Debi 3 · 0⤊ 0⤋
They will attempt to locate you or the car first. Depending on the state laws, they may send you a certified letter allowing a specified time to "cure the default". If you don't pay the next step will be repossession. The car will be sold and then they can sue you for the remaining balance.
My bank doesn't do leases and I've never collected them but I would assume they could only sue you for the amount of the lease because there was going to be some residual value there when you turned it in after 5 years. It would really depend on the lease agreement itself because there may be wording in it that specifically addresses default and the creditor's rights allowing them to recover the full amount owed after the car is sold.
If you hide the car and they can't repo then (depending on the state) they can get a judgment against you for the full amount owed. They can take the judgment and use it to obtain a writ of possession (forcing you to produce the car) which will be delivered by the sheriff's office and/or they can use the judgment to obtain a garnishment against your bank accounts or your wages.
If you can't pay for it it would be better if you turned it in (avoiding the repo fee) and tried to work out something on anything you may owe. A judgment will stay with you for at least 7 years even if you pay it in full. It can prevent you from getting more credit or if you do get credit, it will cost you more in higher interest rates.
2006-07-18 04:13:59 · answer #3 · answered by D C 3 · 0⤊ 0⤋
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2016-12-14 09:41:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They'll probably send reposession agents to take your car or they'll sue you for the value of the car
2006-07-18 04:04:33 · answer #5 · answered by deathbear3 3 · 0⤊ 0⤋
Your license plate number will be on the outlook for the police & they will repossess it.
2006-07-18 04:06:33 · answer #6 · answered by day by day 6 · 0⤊ 0⤋