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mason21502 | Can a debt collector garnish my wages for a repossession? |
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SPIFIMAN1
|
Auto finance is what I do for a living and if they take you to court, get a judgment and your State allows wage garnishment, then the answer is yes they can.
They can also attach bank accounts and file liens on any other property you may own like cars, boats, land and homes. |
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golferwhoworks
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not unless there is a judgment in court |
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Beverly S
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Johanna is wrong- they can and will garnish for the difference. They do have to obtain judgment first but they will. I see judgments everyday for repo cars that are being garnished from peoples wages. Up to 25% of your net income can be taken in most states. Best bet is to try to set up payment plan after they sell vehicle so they don't file.
Good luck! |
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A W
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If you owe them money and they have a judgment against you, then yes. |
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Crazyjester9
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Yes...IF they win a court judgement and IF your state allows garnishment.
Read up on the repo laws for your state. Make sure they did everything according to the law. |
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OC1999
 |
In order to get a wage garnishment they must first file a suit and get a judgment against you. Then it must be allowed in your state.
They won't sue you for the repo directly, but they will sue you for the outstanding loan balance. When your car(?) got repossessed they sold it at auction, usually for only a fraction of the value of the car. So for example if you had a $10,000 loan balance, and they sold the car for $4000, that was worth about $7,000. You still are responsible for the difference of $6000(or more after they add in the fees associated with the repo). If you do not pay that then they could eventually file suit against you. |
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me m
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usuallly yes |
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thomas
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Yes.....if the court gives judgment from the debt collectors side. |
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Johnna L
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Probably not.
If something is being repossessed, they take the item and sell it for what is owed.
If there is a difference between the sale price and the outstanding loan amount, they MAY get a judgment against you, but it's really going to depend on who you're dealing with, what the item is, and how much the dollar amount of the difference is.
And whether or not you've been a pain in the rear to them during the repo process.
A judgment can result in garnishment, but generally speaking, they don't. Most wage garnishments are for either child support, taxes, or student loans. |
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