If I had a vehicle repossession recently, what else canI be liable for?

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If I had a vehicle repossession recently, what else canI be liable for?

I am in the process of of a disability claim and have been out of work for 9 months. I lost everything. My mom and dad want to give me a used car to get to and from the doctor. Can the finance company that repossessed my vehicle take the car from me?

Asked on March 25, 2011 under Bankruptcy Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The answer is yes and no.

First, in terms of what else you might be liable for: if selling the repossessed vehicle does not bring in enough to fully satisfy whatever you owed on the car loan, then the lender (or their collections agency) has the right to sue you for the remaining balance. If they sue you and win but you don't pay, then they use one of several mechanisms to try to get payment, such as garnishing a bank account or wages (after you start working again; they have years to enforce a judgment), or possibly "executing" on property, which can mean forcing a sale of some of your belongings. So they can't directly reposses if they don't have security interest in the used car, but if they sue you and win, one possibility is they may go after your property, including a car.


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