Legal Question in Credit and Debt Law in Virginia
Car Loan Question
Hi. Can a bank take your house if you finance a car and later on down the road are unable to make the car payments? The house is paid off. I thought they would repossess the car and charge you if the price they got for it was less than what was owed on it.
2 Answers from Attorneys
Re: Car Loan Question
Anything is possible, but not likely. And, yes, I agree with you that you should have a credit for the sale and these numbers should be disclosed to you. You may want to consult an attorney about this. Good luck.
Re: Car Loan Question
They will charge you for the deficiency (loan balance less net proceeds of sale). If you don't pay, they can sue, and get a judgment. If you still don't pay they can attach your assets, including your house. If you still don't pay, they can sell the house to satisfy the judgment.
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