2006-10-25 05:57:06 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Usually, they will just repo the vehicle. Garnishing or levying wages takes so much time (and money), that most fianacial institutions won't do it if they can recoup their money some other way (e.g. repo).
2006-10-25 06:00:26 · answer #1 · answered by cbecker72 3 · 1⤊ 0⤋
Wages can be garnished if a company follows the proper channels in the courts and gains the approval to do so. Basically, from what I've seen, they can freeze your assetts (bank accounts etc) and/or garnish wages. Either way, you would be notified of their intentions.
Moreover, I've seen the car repo'd and sold at auction, you are then responsible for whatever is still unpaid.
2006-10-25 13:01:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They will actually reposess the car, sell it and IF the selling price is not what you owed on it, they can and usually will try to make you pay the balance. Including garnishment if thats what it comes down to.
Best bet would be to try to sell the car to pay off the loan if you dont want it or can't afford it. Avoid the legal issue all together.
2006-10-25 13:05:22 · answer #3 · answered by kimmi_35 4 · 0⤊ 0⤋
no, there just going to take car away. resale it and make more money..if you own a luxury car i can maybe help you, email if you want..
2006-10-25 13:01:51 · answer #4 · answered by snoogans 5 · 0⤊ 0⤋
No.
But the car can be repossessed.
2006-10-25 12:59:36 · answer #5 · answered by bequalming 5 · 0⤊ 0⤋