Comments on: Regarding judgement for a repossessed auto loan?

By: Ted

Ted — Wed, 21 Apr 2010 00:15:41 +0000

If his name is on it, then they can go after it. House, bank account, whatever. Your name being on it too doesn’t matter. You can avoid all this, plus avoid legal fees by simply paying the deficiency when they contact you and not making them sue you.

By: Scouse

Scouse — Wed, 21 Apr 2010 00:07:52 +0000

f it is a hire purchase in Uk the answer is no because until the final payment the car s on hire and after a certain period, which is in the agreement you can walk any subject to the car being left with only fair wear and tear.
A loan is a diffent matter and when they take the car back and put it up for auction I can almost guarantee that it will not fetch the amount you owe. therefore you will still owe the difference between what you owe and wha they they get at auction plus their expenses. This will not help your credit rating and they can with a Court Order garnishee your bank account, get a n attachment of earnings order or put a cgarge on your house. A far better idea to to talk to these peole before you are in arrears and you are likely to find them very helpful. Do not just surrender the car without a talk and for the love of mike listen to them take proper notes and be careful that you do not hear that which you want to here. It is suprising how often that happens. Ifthat fails talk to Citizens Advice sometimes they can help

By: SPIFIMAN1

SPIFIMAN1 — Tue, 20 Apr 2010 23:37:35 +0000

Auto finance is what I do for a living and they can but only if they take him to court first and get a judgment, at that point they can garnish wages (if your State allows it), attach bank accounts and file liens on any other property he may own like cars, boats, land and homes does not matter if the property is joint.

All of this will show on his credit for the next 7 years and make it very hard to get any other type of loans without making massive down payments, paying huge fees and State maximum interest rates.

He would be much better off selling the vehicle and taking out a loan for the balance, that way his credit is still intact.

By: Uh huh, go on I'm listening

Uh huh, go on I'm listening — Tue, 20 Apr 2010 23:04:23 +0000

I’ve done this (huge mistake btw, it killed my credit for years)
But if it’s your only option… let them repo it, they’ll auction it off, you’ll be billed the remaining balance, they do often work with you on a payment plan.they’ll only lien or garnish wages, etc, if the balance is left unpaid for quite a while. as long as you make arranged payments, you’ll be ok. But his credit won’t. It stinks really. If possible, don’t let them repo it, perhaps sell it back to the dealership or sell it privately. repo’s, aside from bankruptcy and foreclosure, is the worst thing you can do to your credit… trust me, lol, I made that awful mistake, it took me years just to get my credit “fairly” ok.

By: Phyl B

Phyl B — Tue, 20 Apr 2010 22:51:38 +0000

If they put a judgement against him, it will go on his credit. If you try to buy anything else together, the judgement will show up. A judgement is only good for 7 years unless the company renews it again (which many companies do)…