Legal Question in Credit and Debt Law in New York

Repossion of vehicle

I own a 2004 Ford Winstar that I am having difficulty making the payments on. The car is in my husbands name but never shows up on his credit report. He also has a 2006 Dodge Caravan that he purchased. If we stopped the payment on the Ford & turned the car in to the finance company because we can no longer make the payments can they garnish his wages or take his other vehicle for payment along with the vehicle we are turning over to them? Or do we just call them, make arrangements for them to take the car or drop it off & give them the title...how does something like this work?


Asked on 1/27/07, 6:02 pm

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Repossion of vehicle

If you voluntarily surrender the vehicle, and then your are still short on the money owed, the vehicle will be sold. If you are still short, you will be sued for a deficiency judgment for the amount you owe less the amount that you still owe after the sale. Remember, the finance company lent you money, not a car. They get back all they are owed.

Good Luck

RRG

Read more
Answered on 1/27/07, 7:00 pm
Jacob Silver Attorney At Law

Re: Repossion of vehicle

A Bankruptcy could help you get rid of this debt , and avoid collection actions.

Jacob Silver

Attorney At Law

26 Court Street

Suite 2511

Brooklyn, NY 11242

[email protected]

http://www.silverbankruptcy.com

Read more
Answered on 1/29/07, 2:03 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York