Legal Question in Credit and Debt Law in California

Once they get a judgment, they can attempt to lien and seize any assets you have, including bank accounts and cars. There are complicated laws regarding things that are exempt, or exempt up to a certain value, that are WAY to complex to go into here. The bottom line, though, is that they will lien everything they can find that you own that has value, and it will be up to you to file exemption claims for anything to which an exemption applies. They can't do anything until they have a judgment, but once they do they will be all over your assets to the fullest extent they can be.

Financed vehicles may have nominal or no equity, so there could be nothing to go after there.

You needn't fear this kind of "reaper"--it's doubtful that an actual attorney had contacted you (rather than a coercive collector filled with put-on self-righteous indignation, though they're employed by virtue of the default on payment). If unable to repay the debt, a federal bankruptcy filing can make the harassment go away for good.