the bank said that they was going to take his paycheck.
2007-03-26 13:01:30 · 7 answers · asked by kay 1 in Cars & Transportation ➔ Buying & Selling
You mean one month! I can't see any finacial institution repoing for a 30 day delinquency! That just isn't standard practice as most banks will allow 90 days before even threatening you with repossesion! Try working it out with the bank because repossesion is a "no win" proposition for ALL!
As for his paycheck they can only garnish upto 10% in most states. However, you have to read your contract because if they reposses the vehicle and it is listed as collateral, they can bark up a tree for anything else-they got their collateral back! They CANNOT recover the vehicle if it is in a private garage with the door locked! That constitutes breaking and entering to which repo man/woman is not exempted from! They will report you to the credit beaureas regardless!
To do anything they must take you to court where you can defend yourself. They must have a judgement against you from the court before they can do anything other than take the vehicle! Make sure you cash your checks and keep the cash in your pockets! Don't put any money in any finacial institution! Use postal money orders to pay your bills! Don't have anything in your name.
2007-03-26 13:16:29 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Because none of us that have answered know the whole situation, this is some general information.
Almost all state have a no breach of peace repossession laws. Tha means the repo people that the bank hires cannot perform any illegal in order to repo your vehicle. Even if it is already hooked up to the wrecker, if you demand that they let go of it, they must unhook. To even get to this point most lenders are required to send you a demand letter certified. If and when they do repo the vehicle, they are required to either sell it direclty to highest bidder(keeping in mind they must sell it for a reasonble amount or they open themselves up for litigation) or they can subcontract to an auction house. Then they will sue you for the difference of what it sold for and what is remaining balance owed called the deficiency balance. Once they have won in court, they can take several steps to recover the balance due, either garnishing wages, doing banks sweeps to get any money in your accounts(costly for them unless they know where you bank) but all take a writ of execution from the courts. Keep in mind all the costs that they incur to collect will ultimately be paid by you. It is worth your time to show up on thier doorstep and get it worked out.
2007-03-26 13:59:12 · answer #2 · answered by mmszbi 2 · 0⤊ 0⤋
Usually, to garnish a paycheck the creditor has to have court approval. That means they have to notify you by mail, give you x amount of time to make payment, file the court papers, serve you notice of the court date and get a garnishment order if you do not appear in court to make some other reasonable arrangement.
I think they are just trying to scare you. However, I am curious about the one month behind..... I go through GMAC and have been as much as 40 days behind without repo threats. Sure, I have gotten a threatening letter or two, but those are pre printed to say things that get your attention, in most cases. Usually, I just call customer service and make a payment arrangement to catch up.
Have you called customer service? Trust me, they want to make a deal with you. Cars depreciate in value the minute they drive off the dealer lot. That means that they can repo it, but never sell it for what you owe on it. Its much better for them to have you paying your balance than to repo the car.
2007-03-26 13:13:47 · answer #3 · answered by Melanie J 5 · 0⤊ 0⤋
A lender will not repo a car until it is 90 days late unless it has a history of late payments from a customer. The lender cannot garnish a paycheck...only file a judgment with the courts for nonpayment AFTER they repo the car. Pay up and don't worry
2007-03-26 13:12:24 · answer #4 · answered by malemute1 4 · 0⤊ 0⤋
I'd doubt that. Banks try to scare you with anything in order to get their money. But it takes a couple of missed payments to get to the point of repo. Only a judge can get the check, and it takes time to get to that point. I wouldn't worry too much. Just try to make a payment plan and that should work. good luck
2007-03-26 13:11:28 · answer #5 · answered by Kristian55 3 · 0⤊ 0⤋
Yeah. As long as it clears, they'll take anything. = )
Make sure that the check isn't a bad check.
Also...do that quick. Don't let them repo it.
As soon as they repo it....it's gonn be a headache!
How do I know? Cuz I know = )
Don't ruin your credit. = )
2007-03-26 13:11:09 · answer #6 · answered by ATL NOOB 2 · 0⤊ 0⤋
HOW MANY MOUTHS DOES YOUR CAR HAVE
2007-03-26 13:10:04 · answer #7 · answered by bigjohn B 7 · 2⤊ 0⤋