Find Seized Car Auctions Near You

Know Where To Buy Your Dream Car For A Low Price!

Whether It Is A Mercedes, BMW, Honda, SUVs, Trucks...

Drive Your Dream Car For 90% Below Retail Prices!

Start Looking For Your Dream Car Now!

I have gotten behind on my car payment. I still owe part of the payment that was due on June 20 and the payment for July. They have already threatened to repo my car, which I accept because I know I have defaulted on the loan. Today, someone calls me and says they are going to enter a judgment on me tomorrow for the balance of the loan (00) if I can’t make a payment now. Can this actually happen, and if it can, why haven’t they been to get the car yet? Does that mean they will still repo the car if they are demanding that I pay the full remaining amount that I owe? Thanks.

4 Comments »

1. 

   They are lying to you. First, they would come and get the car if you quit paying. Then they can sell the car. If they get less for the car than what you owed on it, they will then demand you pay the difference. THEN if you don’t pay them that, they can take you to court and get a judgement against you for that. Until they repo the car and sell it, they can’t sue you or get a judgement because they don’t know the amount you would still be liable for.

   Comment by Rambo — June 15, 2011 @ 11:26 am

2. 

   If the car has no resale value, that might be the reason they do not want to repo it. Before a judgment can be entered, they have to take you to court. Once a judgment is filed, they can put a hold on your checking/savings. They can also garnish your wages. If you are in debt over your head, you should contact a bankruptcy attorney and see what your options are.

   Comment by stan c — June 15, 2011 @ 11:26 am

3. 

   They may file a lawsuit without repossessing the car. With an outstanding loan of only $3,900, it is likely that they will get less than $1,500 at auction, pay repo fees, auction fees, fix up fees, and spend a lot of time and effort. They may have decided that repossessing your car will not produce any benefit and you would still owe $3,900.

   Therefore they are likely allowing you to keep the car and will try to collect for the full amount.

   Comment by Michael T — June 15, 2011 @ 11:26 am

4. 

   Someone is trying to put the fear of G*d into you..so that you will feel compelled to beg, borrow or steal to catch up on your car payment.

   Why?

   Because, in order for them to *enter a judgment* they would have to be a JUDGE. LOL Also, they would have had to SERVE you a summons to appear in court.

   Now, here’s the kicker: They would NOT even bother with a judgment first, as the car is collateral. First, they would come repo the car, THEN sell it, and sue you for the balance shortfall.

   Expect them to repo before anything. They are just using the typical scare tactics that bill collectors use on the naive.

   Comment by My Take on It — June 15, 2011 @ 11:26 am

RSS feed for comments on this post. TrackBack URL

Leave a comment

Name (required)

Mail (will not be published) (required)

Website