Asked 3/9/2009
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Can a bank sue me that loaned me money using car as collatarel? I was given a loan initially that was 80% of the value of the vehicle and told that they could repossess the vehicle if I couldn't pay but nothing was said of having to pay a balance if repossession ever occured. Well, I tried to refinance the loan elsewhere at a lower rate and found out that the truck was only worth 12K against a remaining loan balance of 29K so I decided to voluntarily allow repossession which the bank didn't want. It seemed like the smartest thing to do at the time but now the bank says they can come after me for any remaining balance due after they auction off the vehicle. What can they legally do? Will they just bother me continously or can the go as far as to garnish my wages? Thanks for any additional information you can supply on this subject. |
Answer 1/2 - Submitted 3/9/2009
Yes they sure can... and they probably won't get anywhere near what it is worth at auction. They will start asking you to voluntarily pay.. then letter from lawyers, and yes they can and will garnish your wages, though this can take several years.. I believe It took about 7 years for mine.. (the contract you signed does state you will be responsible for any balance due after repossesion, as well as the fees that come with the repossesion itself.)
Answer 2/2 - Submitted 11/18/2010
They can go after for the difference. They will need to sue you and get a judgment. Then they can execute on the judgment by going after your assets. You may want to contact the bank and work out some type of payment plan. You could always contact an attorney and possibly file for bankruptcy. I hope this answers this question. Thank you.
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