If I owe more onmy cars than they are worth, cana creditorstill seize them?

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If I owe more onmy cars than they are worth, cana creditorstill seize them?

A personal creditor just obtained a default judgement against me and in a deposition today he said he owned my cars and asked me information on the value vs the loan amounts on the cars. If I owe more on the cars than the value of the cars are worth can he still seize them. Once I told him that I owe more than the value at present time he, then backtracked to basically convince me to answer I don’t know the value of the cars. I heard that if the loan on the car is more than the value of the car than the creditor cannot seize the auto. This creditor does not own the note on the auto’s.

Asked on October 16, 2010 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Listen, you answered honestly and he seems to be a fool and a bully.  I would report his actions here.  To ask you to change your testimony under oath is asking you to perjure yourself.  If he is an attorney the Bar could have his license.  The ability to seize assets is really the ability to find assets that have any value.  You have a lien on your property - the cars - and the lienholder is the "primary" creditor here.  His seizure and selling the cars knowing that you do not have clear title is absurd.  He could never transfer clear title.  What would happen is that you would continue to pay on the loan and he would hold the car hostage.  That is not only stupid but most likely against the law.  Can I urge you to seek legal help?  Even at this stage it is a good idea.  Good luck.


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