i owe one company money for a car that they repossessed. I actually went through another finance agency to get another car and Im making payments on it steadily. can the creditor that I owe take my car if it belongs to another company Im financing that through?
2007-04-05 11:04:45 · 8 answers · asked by blessedwittwo 2 in Business & Finance ➔ Personal Finance
Like the others said, your current creditor cannot take the new car because you owe a different creditor for a repo'd car.
The other creditor, or the collection agency would have to sue you and win to do anything. What they can do after suing and winning depends on your state exemption statutes. If your state does not allow wage garnishment, they cannot garnish. Basically every state has some kind of exemption statute on real property - homes, cars, etc. You would need to find out what your state exemption statutes are.
If the repo was "sold" creating the deficiency more than 4 years ago, you would be out of the collecting SOL and they cannot "legally" sue.
The repo voids the original contract, so the SOL no longer falls under a written account for the collection SOL.
It falls under Article 2 of the UCC for the 4 year SOL.
AND, if they had failed to provide you all of the proper legal notices within the time allowed before and after the sale, as specified in Article 9 of the UCC, and most states RISA and MVISA statutes, they failed to sell the vehicle in a legal and timely manner, then the repo would be considered an illegal repo and noncollectible.
2007-04-05 12:13:18 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Not unless they take you to court and get a judgment. Then they could file a lien on your car and take it.
What people do not understand is when you let a car go back, you end up paying for it one way or another in the long run and do not have the use of the vehicle.
I work for a car dealer who doe's some in house financing, we take people to court all the time and get their wages garnished and file liens against any property they have until we get paid.
2007-04-05 11:43:36 · answer #2 · answered by ? 7 · 0⤊ 0⤋
No, they cannot repossess the second car, if they did not loan you the money for the car to start with. Although, what they will do is report to the credit agencies that you not only failed to pay your loan, but continue to not pay the difference owed. Depending upon the amount of funds owed, they may or may not pursue legal action for the debt.
2007-04-05 11:09:15 · answer #3 · answered by djkinsaul1 3 · 0⤊ 0⤋
They would have to sue you in court and get awarded attachment rights.
As a practical matter, they would not attach your vehicle since you do not own it outright. If they took possession of your vehicle, by any legal means, then sold it, they would have to pay the lien holder off until the lien is satisfied.
Chances are they would end up with a lot of work and get nothing in return.
2007-04-05 11:10:35 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
Any belongings you sell or circulate to a kinfolk member interior of three years of his demise is an glaring ploy to sidestep charges. this isn't a ask your self to all people. That sale can legally be voided and the land taken to pay the charges. His charges could be dealt with in probate and his belongings is a element of that. in the event that they do financial ruin the valuables is a element of his belongings and additionally you could't sidestep it getting used. that's unfair to organization to rack up charges and not pay them.
2016-10-21 03:21:36 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Not unless they have a judgement against you in court.
If not, no, they can not take ANY of your property.
2007-04-05 11:08:59 · answer #6 · answered by Skyhawk 5 · 0⤊ 0⤋
Two separate transactions.
2007-04-05 11:08:42 · answer #7 · answered by galfromcal 4 · 1⤊ 0⤋
NO! They have to take you to court.
2007-04-05 11:07:33 · answer #8 · answered by ¸.•*´`*♥ ♥Melissa♥ ♥*´`*•.¸ 4 · 0⤊ 0⤋