live in tenn is their any consumer protection my bankrupty just discharged
2007-03-13 10:33:26 · 3 answers · asked by joy m 1 in Cars & Transportation ➔ Buying & Selling
If you signed to reaffirm on the car loan and you got behind in the payments then yes, I think they can...
2007-03-13 10:41:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Even after a bankruptcy, and secured loan the lender is allowed to take possession of the security. They can't come and take your paid for furniture to pay off a debt, but if you financed your new bedroom set and the furniture itself was pledged against the loan, then can take it. Likewise with the vehicle. You don't actually own it, you are merely registered owner and allowed to drive it, the legal owner is the finance company, who can take their property (and here's the rub) as soon at the bankruptcy is discharged.
The only difference the bankruptcy will make is if you owe more than the worth of the car, they won't be able to come after you for that difference.
2007-03-13 10:55:21 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
You don't pay = They take the car away = They sell it at auction = you still pay......
Economic downturns happen. But you make arrangements before the repo man shows up. You have no leverage now.
2007-03-13 10:48:39 · answer #3 · answered by yes_its_me 7 · 0⤊ 0⤋