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FREAKING OUT PLEASE HELP!!!!!!!!!!!!!

We had this car but we gave it up to the people cause we couldnt pay it and now were getting a law suit could they do this? We gave them the car or there just scaring us so we can pay them? I am soo worried.. we cant even make the pay ment cause were stuggling they want 8,000 for it..

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Anonymous

Asked by Anonymous at 7:52 PM on Apr. 15, 2009 in Politics & Current Events

Answers (30)
  • they can do it.
    MythicMMM

    Answer by MythicMMM at 7:53 PM on Apr. 15, 2009

  • What people did you give it up to? The people who financed it? They probably sold the car and are now after you for the difference on the loan. It's perfectly legal.
    Anonymous

    Answer by Anonymous at 7:53 PM on Apr. 15, 2009

  • from what I understand, if your car is taken back by the bank (reposessed), doesn't mean that you're off the hook for the loan. I could be wrong, but I've heard that regardless, they can come after you for the money.
    Anonymous

    Answer by Anonymous at 7:54 PM on Apr. 15, 2009

  • Yes, they can sue.
    Tetona

    Answer by Tetona at 7:55 PM on Apr. 15, 2009

  • We gave it to the loan people that we were paying and they did auction the car off and they want us to pay the rest im soo scared what happens if we have to go to court?
    Anonymous

    Answer by Anonymous at 7:56 PM on Apr. 15, 2009

  • You borrowed money from the loan company and gave it to a car dealer for the car. The car is not worth the same as the loan, and they will probably sell it at auction, which generally brings about $500-2000 depending on how old and what kind of shape it's in. That will be put against your loan, and you owe the rest. No matter what happen(s) to the car, you borrowed the money, and you have to pay it back. If the car was totalled or stolen, the same would still be true.
    NotPanicking

    Answer by NotPanicking at 7:57 PM on Apr. 15, 2009

  • Sounds like the equivalent of "walking away from your debts."" Can't just "give backsies" and expect everything to be okey-dokey! All part of being a grown up! So they take you to court, the judge sees what your income is, your savings and assets are, and devises a payment plan, or begins bankruptcy proceedings.

    Anonymous

    Answer by Anonymous at 7:57 PM on Apr. 15, 2009

  • You will probably owe the balance of what they did not recuperate. Make sure you go to your court date, or they win by default. Good luck.

    Tetona

    Answer by Tetona at 7:58 PM on Apr. 15, 2009

  • They can do that to you. Call a lawyer and get them to help. It will be worth it to have someone who can settle this for you. Usually they can wheel and deal better than we can. Mine makes it worth it.
    pnwmom

    Answer by pnwmom at 7:58 PM on Apr. 15, 2009

  • We gave it to the loan people that we were paying and they did auction the car off and they want us to pay the rest im soo scared what happens if we have to go to court?

    You will go to a hearing with an attorney (usually no judge involved unless you request one). You will be offered a payment arrangement that must be signed and put in writing. As long as you make the arrangement and stick to it, you're fine. If you refuse, or if you miss a court-arranged payment, the loan company can begin garnishing the wages of anyone whose name is on the loan, up to 25% of the total income, until the debt is paid, including interest and legal fees. If you're not working, they are free to keep calling you back to court until you are - judgments are good for 7-10 years depending on the state, and can be renewed indefinitely until the debt is paid in full.
    NotPanicking

    Answer by NotPanicking at 7:59 PM on Apr. 15, 2009

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