can the car be taken away to pay credit card debts if the car is paid off and in two people's name (mother and daughter) If the car is owned by two people and one has bad credit can the car be take away if ths car is owned by two people?
2007-03-17 14:46:24 · 8 answers · asked by jcanime@sbcglobal.net 2 in Business & Finance ➔ Credit
No. A creditor cannot come take your car that is paid for.
A creditor can sue you and get a judgment. With a judgment, they can attach your bank accounts and take your money. In some states, they can garnish your wages.
However, a creditor cannot do anything without a judgment and to get a judgment, they have to sue you first. You'd have some advance warning on that as you would get papers served on you.
2007-03-17 15:03:46 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
I take it from all of your questions that you are worried another creditor (not the car loan company) may seize the car for your past bad debts (that have nothing to do with the car)
Regardless if you are still paying on the car or it is paid off - if the car is under your name "and" your moms name - a creditor/collection agency cannot take the car for another debt. They cannot take it even if that creditor/collection agency gets a judgment against you for another debt !!!!
No matter what state you live in or whose name is first on the title.
The only way they can take it is if "only your name" is on the title, if you are married and you and your spouses names are on the title and you live in a community property state, AND If your state exemption laws allow it.
Rest easy, as long as your moms name is also on the title they cannot touch it.
If the vehicle is still under a loan and you default on that loan the creditor who carries the loan may take it.
2007-03-17 15:11:10 · answer #2 · answered by echo 7 · 0⤊ 0⤋
No. Never heard of that before ever. Don't even think it's legal. Did someone take your car? Better report it stolen. If it's paid for no one can take it in place of other debt.
2007-03-17 14:50:13 · answer #3 · answered by pantyhoselover2182 2 · 0⤊ 1⤋
depending on what state you live in if the couple is married yes it can be taken away.
the car can be taken to pay off ones debt
2007-03-17 15:18:39 · answer #4 · answered by JOHN S 1 · 0⤊ 1⤋
only if you put the car up as collateral. Otherwise, they should not be able to take your paid for car.
2007-03-17 14:52:29 · answer #5 · answered by Jen G 5 · 1⤊ 0⤋
Get the bad credit to go bankrupt or default under pardon . depending what state you are in.
2007-03-17 14:52:02 · answer #6 · answered by Anonymous · 0⤊ 2⤋
once it's paid for, it can't be taken away.......unless you use it for collateral on another loan.
2007-03-17 14:55:24 · answer #7 · answered by J. S 2 · 1⤊ 0⤋
simple answer. yes!
2007-03-17 14:50:52 · answer #8 · answered by Anonymous · 0⤊ 3⤋