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Can my car be taken away because of a previous reposession?
I purchased a car in 2008 with an 18% interest rate.During that time I fell behind on my payments and at the time owed more than I bought the car for.I am unsure of how to give the car back .I would like to know if I buy a car outright for cash if it can be taken because of the car that Iam giving back.Do I need to file bankruptcy to make sure that this doesnt happen?Also,can my wages be garnished?
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Asked by Anonymous at 10:57 PM on Mar. 20, 2010 in Money & Work
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You mean can they take your newer car to pay for the old car's debt? Not unless they take you to court and the court says they can take it and sell it for the debt which is not likely if you use it for work. Check your states statutes on debt to see what they can do and the statute of limitations on trying to do something.Found an answer to your question?
Answer by Anonymous at 11:01 PM on Mar. 20, 2010
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It will probably just go on your credit report as a reposession. I doubt that would happen.Found an answer to your question?
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They can't do anything unless/until they take you to court, at which point a judge can and probably will authorize them to garnish your wages (not more than 25%), but will probably not let them take the car that you own.Found an answer to your question?
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actually they can put a lean on your car that you are buying out right.Found an answer to your question?
Answer by Anonymous at 11:37 PM on Mar. 20, 2010
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