Just worried that the companies that I owe outstanding debts to, will take my car. Unable at this time to pay off debts due to unforeseen circumstances.
2007-06-15 00:41:38 · 6 answers · asked by mine 1 in Business & Finance ➔ Personal Finance
My car is in my name and my sons. Does that make a difference?
2007-06-15 00:48:06 · update #1
(U.S.) If the car is paid for, they could potentially sue, get a judgment, and take the car. If the car has a loan against it (hint), then the creditor would have to pay off the lien to get the car, and probably wouldn't bother.
2007-06-15 00:46:43 · answer #1 · answered by steve.c_50 6 · 0⤊ 0⤋
Yes! They can take your car or other valuable in place of the debts you owe.
Your car serves as a collateral for the debts. If you cannot pay due to whatever circumstances you may find yourself, your can stand as a guarantor for the payment.
Just make sure you find money elsewhere to liquidate the debts if your car has more value than the amount you owed.
Remember too that, one good turn deserves another. I advise that you save your image.
Bye
2007-06-15 08:23:40 · answer #2 · answered by moses 3 · 0⤊ 0⤋
If your car is put up for collateral then yes they can or if the car itself you owe then yes also. I don't believe it matters who's name it is in but, it may go on your son's credit score as well as your own about the car being taken. If your car is not in the picture of the debts then no they can't the most that the debts will go is to a collection agency and you can arrange payments with them like 25 a month or so but it could go as far as to garnish your paycheck for these debts but, that is worst that could happen I believe.
2007-06-15 08:23:18 · answer #3 · answered by Sarah A 3 · 0⤊ 0⤋
Fraid so- if they get baliffs involved, they can take almost anything.
Get in touch with the company - they prefer you to make a small payment per week rather than issue proceedings against you. DO IT NOW - you will get to keep the car too.
Good luck.
2007-06-15 07:46:00 · answer #4 · answered by Sal*UK 7 · 0⤊ 0⤋
If you're bankrupt, file now. That will stop everything.
2007-06-15 07:47:51 · answer #5 · answered by suekaveny 2 · 0⤊ 0⤋
Only if it's paid for.
2007-06-15 07:51:10 · answer #6 · answered by golden rider 6 · 0⤊ 0⤋