Legal Question in Credit and Debt Law in Florida
repossestion
A Fl. bank repossessed a car from me, sold it at an auto auction & the sale proceeds were $5K short of satisfying the debt in full. They have requested judgement against me. My dad just bought me a new car & paid cash for it putting the title in my name.Could the courts or anyone else take or repossess this car from me because of this debt?
1 Answer from Attorneys
Re: repossestion
Yes. Any property in your name is subject to attachment by the sheriff and public sale in order to satisfy a judgment against you. The only exception would be your homestead and certain wages as set forth under Florida Statute.
I would suggest that you take steps to safeguard your father's investment. You might accomplish this by having your father retain a lien against your car equal to his investment. It will cost a few dollars to do so but will be well worth the investment in the long run.
Scott R. Jay, Esq., 305-249-8000
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