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Question by ever_lady84: Car repossessed?
my moms car was repossed, they have sold it in auction and now they are stating that they are going to sue for the balance owed. Should i get her a lawyer?
Best answer:
Answer by UCANTCME
No…………..you owe the balance that is due and any and all other fees that come with this and a lawyer is just more money that you will be spending on a loosing battle…………..
Add your own answer in the comments!
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Question by : Suit or Judgement on a repossessed car?
I purchased a car for a friend and do to some unforeseen occurrences she could no longer make payments on the car. I informed her to turn the car in and she did as I myself was not able to make the payments for her. After this time I received a notice from the creditor that the car was in there possession and that it may be sold in a private or public auction or sale. I then received a notice from the credit reporting agency equifax that a suit or judgment has been added to my credit report; when i checked it out it was from the credit union that financed the car the friend had voluntarily turned. So what I would like to know at this point is: 1. what does a suit or judgment mean on my credit report, especially for a account that was given a status of a charge off? 2.How do I find out if in fact I am being sued and what I can do? 3. Can I be placed in jail if i cannot pay or can they take my car that i purchased from another dealership and am currently paying for?
I live in Texas, there is no judgment made on the case yet becuause i haven’t been served no – notice in the mail or in person. Hope this will help make things easier to answer the question.
Best answer:
Answer by SPIFIMAN1
If the judgment shows on your report you have already been sued and lost. Most likely because you failed to show up for the court date.
Now that they have this judgment, they can attach your bank accounts, garnish your wages (if your State allows it) and file liens on any other real property you may own like cars, boats, land and homes. They can not put you in jail or take your property, but neither can you sell any of the property that has a lien on it without paying the lien first.
Judgments show for either 7-years or until the statute of limitations expires whichever is longer and in some States can be renewed, depend on which State you live in this means that the judgment can show for up to 40-years.
You can petition the court and challenge the judgment saying the you were not properly served the court papers but since you did purchase the vehicle you will lose.
Additional information.
The good news is you live in TX so they can not garnish your wages, the bad news is if as you said the judgment shows on your credit report you have been sued, lost and the court has ordered a judgment weather you were served or not. This is the only way the judgment can legally show on your report.
What do you think? Answer below!
