Now they want the $9,000 still. Can the sheriff or whoever come and take MY stuff or only my mom's HUSBAND and his BROTHER??
2006-08-14 08:56:53 · 8 answers · asked by ? 6 in Cars & Transportation ➔ Buying & Selling
The bank can sue both the people on the lease. (There CAN be several people on the lease ). After they get a judgment, for the balance, they can get a court order seizing any and all property to pay the debt. In reality, they will go after bank accounts and wages. They can only take property owned by the people on the lease, so they if you are not on the lease your property can not be taken!
One exception is a joint bank account. If his name is on the account, even if it is really your money in the joint account, the account can be seized.
2006-08-15 03:15:11 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
No one can come and take you stuff. Even if you were on the lease, the leasing company doesn't have that kind of power. It's like credit card companies, if you charge it and never pay it off, it will go to collection, end of story. The bad thing about repos, is that it will mess up your credit big time. Don't sweat it anyway.
2006-08-14 09:03:26 · answer #2 · answered by Olivier P 3 · 1⤊ 0⤋
it's not possible to have two peoples names on a lease. I'm guessing one person's name is on the lease and the other is a co-signer. Typically on a reposession they will auction the car then the buyer will have to pay the difference. The first avenue will be to put them both into collections, after being harrassed to high hell they can put a lean on yrou property, and or garner yoru paystubb.
2006-08-14 09:02:28 · answer #3 · answered by Briggs 3 · 0⤊ 1⤋
It will go on your mom's husband and brother's credit report. That is not a good thing at all. That will drive their credit score down, and it will be very hard to get another loan for anything for them unless it is paid off. It will look bad for your mother too. Because married people share credit.
2006-08-14 09:04:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The bank will most likely sue them and try to recover the $9000 + fees. Or they can sell it off to some collections agency who will call and call to get them to pay.
If the bank does sue and win, then they can garnish their wages and take their stuff.
Repossession stays on their credit for 7 years.
2006-08-14 09:20:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Nope. The creditors can only go after the people named on the vehicle lease. You didn't sign on to accept financial responsibility for the car, so they can't freeze your assets or take any of your property.
2006-08-14 09:02:40 · answer #6 · answered by sarge927 7 · 1⤊ 0⤋
No, they won't take any of your stuff. If they don't pay, then it goes down on their credit history. They'll eventually have their wages garnished if they ignore it, but you've got nothing to worry about since your name isn't on the lease.
2006-08-14 09:02:41 · answer #7 · answered by heffinator 2 · 1⤊ 0⤋
Sadly for your MIL and bro - it's there stuff. Luckily for them, they can sue you for whatever they have to pay.
2006-08-14 09:03:01 · answer #8 · answered by Lex 7 · 1⤊ 0⤋