That's prety much the only asset I have, and I was wondering if a collection agency can seize it as collateral. I haven't signed any contracts with my car as collateral, so I don't think so, but I just wanna make sure. Also, can they get my cell phone number if I don't give it to them?
2007-02-06 07:48:08 · 16 answers · asked by Anonymous in Business & Finance ➔ Credit
It's possible under two circumstances:
1) Many lenders have a cross-default clause, which basically states that if you default on one loan with the lender you have effectively defaulted on all loans. For example, if you have a $10,000 car, still owe $2,000 on it, and are current with your loan, but have defaulted on a $3,000 unsecured loan with the same lender, the lender (if they have a cross-default clause in your note) can declare your car loan in default, repo the car, and use the proceeds to payoff both loans.
2) If you're in default of a loan, a lender can sue you in court, if they win (they will), and after allowing your appeal time run out, they will have a judgment against you. A judgment can be executed against any real property you own in the county. This could include items in your home, your car(s), any bank accounts/cd's, real estate, etc. Now, this can be very cumbersome for the lender and discovery of assets is difficult and expensive, but it is possible. It does happen. It is more likely if it's a high risk lender used to pursuing aggressive collections, like a finance company, but also collection agencies. The more you owe them, the more it's worth their while to pursue such angles.
2007-02-06 10:33:23 · answer #1 · answered by Ron 2 · 0⤊ 0⤋
It depends on what state you live in. In may states, certain things are exempt from debt collection like your home, and up to $1000 in personal property. If you owe money on your car, most debt collectors won't bother. But if you don't and your state doesn't count that asset as one that is protected, then yes, a debt collector may seize your car and auction it off to pay debts.
2007-02-06 07:58:22 · answer #2 · answered by Catherine T 2 · 0⤊ 0⤋
If you still owe money on the car, the lender can repossess it. Otherwise, creditors cannot seize personal property. Cell phone numbers are not listed and a creditor cannot obtain yours without someone giving it to them.
2007-02-06 07:52:21 · answer #3 · answered by Monty 3 · 1⤊ 0⤋
Can't take the car. Might take you to court, get a judgement, attach your wages (depending on where you live) and let you pay all the fees it takes as well as messing up your credit for a long time.
Call them, set up even a token payment plan and pay them.
2007-02-06 07:51:11 · answer #4 · answered by wizjp 7 · 2⤊ 0⤋
they can if u used yor car to get the loan but not if u didn't use the title as colltrol and no they can not get yor cell phone number unless u give it to them or sombody u know does. here is a site of yor right http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm
2007-02-06 07:54:39 · answer #5 · answered by ryan s 5 · 0⤊ 0⤋
If you haven't used you car as collateral, you should be safe.
2007-02-06 07:51:46 · answer #6 · answered by Big D 4 · 0⤊ 0⤋
of course they can get your cell # and all calls from and to
i'm no expert but
i believe they can only get your car if the title is shared with a bank that loaned you the $.
2007-02-06 07:51:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The only people who will probably sieze your car is the loan agent for the car . . and only if you miss payments. If the car is owned outright, then no one will.
2007-02-06 08:17:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No and No. Unless its the car people after you they can't take your car.
2007-02-06 07:51:01 · answer #9 · answered by Fletcher 4 · 0⤊ 0⤋
Usually you can't unless you are in serious debts. Usually they garnish your wages if they get a judgement.
2007-02-06 07:50:34 · answer #10 · answered by jessigirl00781 5 · 0⤊ 1⤋