Legal Question in Credit and Debt Law in Florida

Hi! I have a question about my car that was repossessed. I know that in the state of Florida, my car will be auctioned off, and that will be applied to my balance. My lender said they will send me a final balance, and that the amount due will go to their charge off team, and that I can negotiate a payment I can afford to pay them back. I know that some creditors will sue you to get a judgment, and have your wages garnished. I need to know if there are any other legal repercussions that I have not covered. Or any advice that you have, that would be greatly appreciated. Thank you.


Asked on 12/09/15, 10:51 am

1 Answer from Attorneys

Barry Kaufman The Law Office of Barry W. Kaufman

Your lender has already told you what its intentions are - to work with you to arrange a payment that you can afford. So the first thing is to work out a payment deal. Don't be ridiculous and offer $10/month. (Take what you owe after the sale and divide it by 36 months - that should be the absolute minimum you offer, but you should be prepared to go higher if possible.) If you cannot work out a deal or if you do work out a deal and later stop paying, then you should be prepared to be sued for the balance then owing. Not every creditor will sue - every creditor is different and every debtor's circumstances are different. If you are sued, you may be able tol work out a payment plan to avoid a judgment. (None of this happens overnight, and your financial circumstances may change.) IF a judgment is entered against you, garnishment is not automatic and even if the creditor files a garnishment, you may have defenses to it. The takeaway is that there is a lot of distance between your car being repossessed and wage garnishment. Your focus now should be on working out a voluntary payment plan after the creditor sells your car.

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Answered on 12/09/15, 11:11 am


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