Legal Question in Credit and Debt Law in Pennsylvania
car loan default
My question is if I do not pay my van payment to the bank and choose to let it go back because I can not afford it due to lack of income can the bank or creditor cause me any kind of hardship from this other than my credit rating such as a leen or attach my wages (wifes) etc.
1 Answer from Attorneys
Re: car loan default
If you default in your loan of course your credit will be destroyed. In addition,if you surrender the vehicle and there is a deficiency in value to what is owed on the loan the lender will attempt to force you to pay the difference. If there is any equity in the vehicle I suggest you sell it and pay off the loan. I recommend you consult with legal counsel or if you can afford legal counsel speak with Legal Aid of your County. Wages can not be garnished, but bank accounts and personal property can be attached. Gerald Hershenson Esq.
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