can the courts take anything that my dad owns for example house, pensions etc.
2007-06-15 09:16:10 · 10 answers · asked by bubblegum 1 in Cars & Transportation ➔ Buying & Selling
You dad and your sister are on the hook for this one. What happens is the lender will run the car through the auction and sell it to the highest bidder. Say they get $10000.00 for it, but the blalance on the loan was $14000.00. Your dad and you sister will owe the difference of $4000.00 plus repo fee's and any other misc. charges added to the vehicle.
The lien holder will go to court and place a judgement on both your dads' and sisters' credit report and eventually garnish your sisters' or dads income.
2007-06-15 09:24:14 · answer #1 · answered by Jeremy A 3 · 1⤊ 0⤋
1
2016-09-26 09:58:18 · answer #2 · answered by ? 3 · 0⤊ 0⤋
He is a liable as she is. They will be responsible for the deficiency once the lender sells the car. It will be reflected on his credit but unless he signed a chattel mortgage (very rare) the lender's security is restricted to the car.
If it is a large deficiency, the lender will sell the debt for pennies on the dollar to a collection agency will can make your dad's life miserable by their collection efforts. He would probably be better served making the payments while he sells the car. He has more of a vested interest than the bank and would probably get a better price.
2007-06-15 09:26:34 · answer #3 · answered by SPATTMAN 3 · 0⤊ 0⤋
The lending institution should have contacted your father and asked him to take over the remaining payments. If he chose not to and it sounds like he did the repo the car. This will count against his credit when he goes to buy a new car or finance anything. They will rarely go after you in the way of garnishing wages or take anything that he owns. If he put his house or something else up as collateral they will then go after the asset. Good luck I hope he has a chance to correct the problem.
2007-06-15 09:24:45 · answer #4 · answered by Bill W 3 · 0⤊ 0⤋
Your father has the same amount of responsibility as your sister in regards to the loan. Both their credit will suffer, and both will be billed for the difference between what the car sells for and how much is owed. I do not believe any of his assets will be in jeopardy though.
2007-06-15 09:23:11 · answer #5 · answered by jay 7 · 1⤊ 0⤋
I think that now she hasn't payed it they will be going after your dad for the money or at least to take over the payments. Thats what happens when you co sign....
2007-06-15 09:24:40 · answer #6 · answered by bigslama912 3 · 0⤊ 0⤋
The will not take anything, but yes he is also responsible and his credit rating will take a hit
2007-06-15 09:22:23 · answer #7 · answered by Pengy 7 · 2⤊ 0⤋
Your dad is stuck for the loan.
The creditors will start trying anything they can to get their money, including going after his wages.
2007-06-15 09:23:53 · answer #8 · answered by thatwench 5 · 1⤊ 0⤋
They wont take his stuff but it will come up on his credit report
2007-06-15 09:23:30 · answer #9 · answered by Blue 4 · 0⤊ 0⤋
yes , he IS responsible
2007-06-15 09:24:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋