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In Indiana can your wages be garnished for a car repossession with a deficient balance?
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∙ 12y ago
Wiki User
∙ 12y ago
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Can wages be garnished after a repossession to collect the balance?
Can wages be garnished for the balance of an auto loan in the state of Delaware
Can wages be garnished for the balance of a loan in a voluntary repossession?
Yes, they can be garnished for this reason.
What happens if you do not pay the remaining balance after a repossession?
You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.
What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
Can wages be garnished for the balance of car loan if the vehicle was turned in for repossession in Maryland?
Yes. Even though the vehicle was repoed, they could take you to court for the remaining balance, or what they didn't recover through resale of the vehicle. You would be notified that you are being sued, and have the opportunity to go to court in your defense. If the court finds in favor of the lender (which they generally do), you could have your wages garnished. That may be the point where you have to decide if bankruptcy may be right for you. Bankruptcy would stop those proceedings and keep your wages from being garnished.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
If you retrun a car the is being repoed will your wages still be garnished?
If the lender has obtained a judgment against you, and garnishment has begun, yes. The lender will continue to garnish your wages until the balance of the debt is paid. This could include the remaining balance after the vehicle was sold at auction and all costs, interest, and penalties incurred by the repossession.
Repossession car can they put a judgment on you for the balance?
yes
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
