2007-03-09 01:36:05 · 14 answers · asked by Melanie A 1 in Business & Finance ➔ Credit
Seriously, I have not seen that many people get a lien against their vehicle. Houses yes, cause houses appreciate. But vehicles dappreciate (lose money) Usually a creditor knows that by the time you are done paying off a truck it isn't going to be worth very much and besides that even if a place puts a judgment on a house they don't actually collect any money unless you SELL the house. It would be the same thing with a truck. They wouldn't get anything unless you sold it or got into an accident and your insurance would then pay them.
2007-03-09 02:09:34 · answer #1 · answered by ♥ Mary ♥ 4 · 1⤊ 0⤋
Most secured credit cards are done so through a deposit or a savings account at a bank where you can't touch the money... most credit cards are unsecured, anyway, so I'm going to say "no." If the creditor takes you to court (they probably won't, but a debt collection agency will THREATEN), then you can say that it would pose a financial hardship/undue burden (because if you don't have reliable transportation, it's difficult to have a job).
2007-03-09 01:40:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the credit was "secured" by the truck, than yes. If it is an unsecured loan/credit, the creditor can't just take or reposses your truck, but that doesn't mean that they can't hurt your credit among other things. PAY YOUR BILLS!
2007-03-09 01:39:03 · answer #3 · answered by CSUflyer 3 · 0⤊ 0⤋
I don't think they can, but they can put a Lien against it and you would never be able to Sell it. Credit Cards can be a usefull tool in our daily Lives, but so many people forget when they pull that Plastic out, that a Bills on the way the first of the month and that interest eats you up..
2007-03-09 01:45:17 · answer #4 · answered by donna_honeycutt47 6 · 0⤊ 0⤋
Not unless you bought the truck with a credit card.
2007-03-09 01:38:21 · answer #5 · answered by Sronce 3 · 0⤊ 0⤋
It depends. If there is no lien on the vehicle and the credit card company gets a judgment against you then yes they can put a lien on your truck.
Actually even if there is a lien they can still do it if they get a judgment they would be the second lien holder and would be paid only after the first lien holder is paid.
Without a judgment, there is nothing they can do.
2007-03-09 01:48:52 · answer #6 · answered by ? 7 · 0⤊ 0⤋
not at all. the only way they can repo. the truck is if you arent paying your loan. if you paid for the truck with a cc, highly unlikey though, they cant touch it. the credit card company will send you into collections though. a cc pays for your item for you then you pay the cc company. thats basically how it works. anything with a cc unpaid goes to collections. good luck and pay your bills.
2007-03-09 01:41:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not unless you offered the title as security on a loan; and that wouldn't make sense on a credit card. As long as you have the title, you're safe.
2007-03-09 01:38:27 · answer #8 · answered by wizjp 7 · 1⤊ 0⤋
not specifically, But if it goes to a bailiff they won't ask questions they just take to the value of. Make sure you stay on top of the issue. try and come to a mutual agreement of some sort.
2007-03-09 01:40:32 · answer #9 · answered by shortarsetitch 2 · 0⤊ 1⤋
Just Relax He Cant, In Not In Law
2007-03-09 01:39:35 · answer #10 · answered by blueblood 3 · 0⤊ 0⤋