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If there is a judgment on a repossessed car can you still drive it?
Wiki User
∙ 12y ago
If the car has been repossed, it means the person who borrowed money from a bank to purchase the car has not met his obligation to pay and the car is now owned by that bank. When that bank re-sells that car, the sales amount is sometimes not sufficient to cover the loss to the bank. The bank may then take second recourse by filing for judgment against the original purchaser to recover the difference. A judgment is a court decision regarding (usually) a debt.
So...if you bought the repo from the bank, you signed a new loan agreement which is your legally binding contract to repay the loan. That means you can drive the car as long as you pay on the loan. If the judgment is against the original owner, it has nothing to do with you. The judgment may be for the debt against that car, but you have a legal contract allowing you ownership. If the judgment is against you...and is on the repo'd car - it would have been physically taken from you and you wouldn't have access to it anyway, so of course you couldn't drive it.
If none of these scenarios answers your question, then be a little more specific and you'll get a more specific answer.
Wiki User
∙ 12y ago
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Can a car be reposessed after judgment?
Whether or not a car can be repossessed after a judgment depends on the judgment.
Can they place a judgment on me in 2007 when the car was repossessed in 2001?
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Can a civil judgment result in the repossession of a car that is co owned?
If the civil judgment is due to not making payments for an auto loan on the car that is in question, then yes, that car may be repossessed as a result of the judgment. If there is a judgment against both owners of the car (i.e., if the co-owners are both listed as defendants), then the car is considered an asset and may be repossessed unless there is proof that the car is required for one or all of the co-owners to earn money in order to pay the judgment. If there is a judgment against only one of the owners of the car (i.e., if one of the co-owners is listed as a defendant, but ANY of the others are not), then no, the vehicle may not be repossessed.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
Can a repo guy drive your vehicle to his appointments after he's repossessed it?
Alot of repo guys do drive the repoed vehícles, But be assured If they drive Your reposessed car that Most compañys have a million dollars worth of coverage..to clarify once a car is repossessed it is no longer "your" car.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can a creditor take property to pay for a judgment that stemmed from a repossessed car?
Yes, in the event the court orders it.
How long before you don't have to pay off a car that was repossessed?
The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.
Can you let a car be repossessed with scratches on it?
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
