My car got repossed about 2 months ago. They sent me a letter saying that the car had been sold at an auction, but they remaining balance which was 9,000 was my responsibility. I dont have that kind of money, if I did I wouldnt have let my car get repossed. What can they do to get their money, I have tried to set of small payment agranments but they want large payments that I cant afford. Can they sue me for the money or try to take my home.?????
2006-12-02 04:11:45 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
I had a car repossed. I owed about 7000 on it. I wasn't sued, they didn't touch my annual tax return, no wage garnishment. They didn't do anything except harrass me for it and reported it to the credit bureau. After awhile, they will sell the account to another agency to deal with, then they call harrassing you, and so on. So instead of after so many years it being written off your credit, it actually stays on longer because of the account being sold and resold to different agencies. Different creditors act differently but I haven't heard anyone actually going to court and being sued for repossesion, unless the place you bought the car from is an individual. They should allow you to make small payments if that's the only thing you can afford. Most creditors don't turn down any money. I doubt they can take your house but that is something you should consult with someone about, a professional.
2006-12-02 04:21:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The word is REPOSSESSION!!!!! You are responsible for the unpaid balance. They can and probably will eventually sue you, so you might want to talk to an attorney about your options. You can have a consultation with an attorney for a small, nominal fee or possibly no cost at all. Use your phone book. A local lawyer is usually fine for something like this. The worst thing you can do is nothing. Whenever the junk hits the fan, and it will sooner or later, if you haven't taken steps to protect yourself, you're going to go down in flames!
2006-12-02 04:25:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you say that you are a homeowner. Do you have any equity? you should then look at pulling the equity out, offer them say 3k they will counter to 6 then settle 4-5k. keep telling that's all you have, then i bet they will threaten to sue you. Then tell them go ahead and sue then i will have no choice to file bankruptcy then you get nothing! I am just warning you the bank lost lots of money on this they are most likely looking a a potential law suit. Make sure to get any settlements in writing. They are most doing research on you, like employment, assets etc. to try that defense. I would also seek some legal advice too.
good luck--sh"t happens dint feel bad with some of these heartless answers.
2006-12-02 12:14:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I've had 2 repos, 1 nothing ever happened I owed money but they never atempted to collect. The statute of limitations is up on that one, so they can't collect. The second I thought would happen the same way. I was WRONG. They sued, the garnished they got their money. No they can't take your home but they can make it hard on you. If you've got equity in your home, I think you should try to do something with it to take care of it. If so offer a settlement. I'd also check out creditboards.com before i spoke to them on the phone again.
Click on forums, then search and type in repossession.
2006-12-02 15:18:48 · answer #4 · answered by NETTA M 3 · 0⤊ 0⤋
You owe it and there isn't much you can do about it. They sold the car and the balance on the loan is 9,000 dollars I bet. So you're still responsible for the balance. Call them and make some sort of arrangements. No they won't sue you but they will screw up your credit.
2006-12-02 04:16:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No they cant, u have rights and they have the car now.
As long as u mail them 1 dollar a month , they cant do a thing.
They are trying to get your power and your pocketbook.
Know your rights .
Just mail them one dollar cash in an envelope and tell them
u are strugglin and cant pay them but a little a month.
Let them threaten all they want, but the judge will tell them as long as u pay anything is better than nothing.
2006-12-02 04:16:21 · answer #6 · answered by sunflare63 7 · 0⤊ 1⤋
They can't take your home but it is legal to garnish a person's wages right down to minimum wage. I don't know how many repos actually go to court, usually it just shows up on your credit report and messes up your credit for the next 7 years. ( Then it drops off)
2006-12-02 04:21:24 · answer #7 · answered by Kiss My Shaz 7 · 0⤊ 0⤋
Um YEAH, you owe them the money!!!!!!!!!!!!
2006-12-02 04:13:56 · answer #8 · answered by Anonymous · 0⤊ 1⤋
..........................................................................................................
2006-12-02 04:18:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋