i have creditors calling to get payment for a car i no longer have as of jaunary when they took it , can they garnish my wages for this , i dont have the money they want , i dont have 7000 dollars in my pocket to just give them, i wish i had that much to my name but i live paycheck to paycheck and barely making ends meet
2006-08-29 14:50:34 · 8 answers · asked by country_girl 1 in Cars & Transportation ➔ Other - Cars & Transportation
i tried to make arrangements with them and tried fixing the car cause after 6 months when i had it it broke down on me it was a used car and old too some wear and tear in it too , they did not give the time or day to work out anything they wanted the money asap on due dates which got hard for me around the time they took it i have had other repos in the past with my ex and we did not get bothered this much for the money we still owed them
2006-08-29 15:20:49 · update #1
If they took the car they have the collateral. The only way you could owe them money is if it was a lease and you have some kind of arrangements on the lease that obligate you for the difference between what you have paid and what you should have paid.
A friend of mine had a son let a lease car go back. They hounded him for more money for several months for an amount he thought was unreasonable. After awile they cut the amount in half and he agreed to make small payments.
If you bought the car, it is hard to believe you owe $7000 more than the car is worth. You might need to find a lawyer to help you determine if the stinkers sold the car cheap to a friend and want you to pay the difference. They may try but that is illegal to sell a car well below market value and hit you up for the full cost.
Good luck
2006-08-29 15:07:04 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Just because they took the car doesn't mean that you are no longer responsible for the loan(debt). Most financial institutions will try and relieve the debt owed by selling the vehicle. The only problem for you is if they don't recieve an amount that covers what is still owed. In that case you are still liable for the amount left. There is a good possibility that you may end up in court over this.
You may have other debts that have not been met, if so I would suggest talking to a consumer credit counselor.They may be you only hope of making it through this without further damaging you credit.
Try these people-->>>> www.cccservices.com or call this
number 1-800-355-2227
Good luck hope this helps.
2006-08-29 15:04:09 · answer #2 · answered by Bigg Dogg 4 · 0⤊ 0⤋
When a financial institution has loaned you money on a motor vehicle, and you are behind on payments, the last thing they want to do is repossession. Obviously you got very far behind, and didn't communicate with the creditor.
Once they do reposses, they will add the costs of the repossession to your bill, and then attempt to sell the vehicle.
If the vehicle sells for less than what you owed, plus the costs for repossessing it, they will bill you for that amount. If you don't pay it, yes, they can take you to court, adding more cost, and attach any assets they can find. That could mean your paycheck being attached, that could mean your future tax refunds being attached, or if you own a home, a lien being put against that.
Best call them, and try to work something out.
2006-08-29 15:01:22 · answer #3 · answered by oklatom 7 · 1⤊ 0⤋
You owe them money, they took the car which was the collateral for the loan. End of story. You might want to call a debt counselor, because if they have the car - why on earth would you even attempt to make a payment on it. Usually the bank sells the car for the loan balance so they aren't out anything. Call the company that finance the car and talk to them. If they can verify the car has been repo'ed, they may call of the harrassment.
2006-08-29 14:58:02 · answer #4 · answered by chris 5 · 0⤊ 0⤋
Get the name of the person contacting you then write it down .
Then tell the person ,"Do not call this number any more ". Then send a registered letter (and make a copy)
stating the do not call response that you have made clear
previously to Mr so and so.
If it persists past this point then call the FTC consumer complaint line and let your collection agent know your doing this.Or call a debt attorney
2006-08-29 15:04:53 · answer #5 · answered by Douglas Merran 2 · 0⤊ 0⤋
They have to go to court to take it out of your paycheck, but they can take it. You owe it to them. They obviously resold the car at a deficit and you are still responsible for the rest. You need to ask to see the bill of sale from when they resold it.
2006-08-29 14:57:12 · answer #6 · answered by Flower Girl 6 · 1⤊ 0⤋
They have to take you to court to get a judgement before they can garnish your wages. Tell them to stop calling, they will have to stop or it's considered harassment.
2006-08-29 14:55:14 · answer #7 · answered by Catherine W 2 · 0⤊ 1⤋
tell those bill collectors to go to H***!!!!!!!!!!!!!!!!!!!!!!!!!!
2006-08-29 14:56:36 · answer #8 · answered by Anonymous · 0⤊ 1⤋