Advice on Wage Garnishment on Account of a Repossession Balance

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  • BA
    Sep, 2010
    Bill
    The first step I would take is to speak directly with the lender to hear what options the lender presents you. You are correct that you would be liable for any deficiency balance, were the car repossessed. I cannot tell you definitively, but it does not seem that the car qualifies as stolen, if she is one of the owners. In your position, I would seek a free consultation with an attorney, to see what recourse is available. Here is some helpful advice on how to find an attorney.
    0 Votes

  • 35x35
    Sep, 2010
    Jonathan
    I am in a situation that's leading towards the repo consequences of the original question. My situation: 1) I am the primary on the loan for the car. 2) The person (co-signer) paying for the car has stopped paying. 3) There are 2 names under the CA DMV registration. 4) The second person on the loan has the car in their possession and I don't know where they are. I wanted to know my options. What I have researched so far is: 1) They creditor repoes and I have to pay deficiency balance. 2) How do I get the car in my possession? Can I call the police to report the car stolen even though she is under the registration? Then take the car and restore the loan to be current. Any advice would be helpful. Thank you. Jonathan
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  • BA
    May, 2010
    Bill
    You are paying the deficiency balance. Please reread the first paragraph of the main answer above for the definition of a deficiency balance.
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  • 35x35
    May, 2010
    Karen
    If I am being garnished for a repossessed car, how come I don't get the car after paying over $10,000 for it?
    2 Votes

  • BA
    Feb, 2010
    Bill
    The reason you are being garnished may have nothing to do with the mileage on the vehicle. What has happened here is that failure to make payments on a vehicle can result in a repossession. When a vehicle is repossessed and auctioned off it is sold to the highest bidder. This usually results with the auctioned price being much lower than the market value of the vehicle. If you believe your rights have been violated in some way I encourage you to speak with a licensed attorney in your state. Please read an article I wrote, voluntary repossession.
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