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11 Comments »

1. 

   Technically, if the credit card company gets a judgment, they can lien your property. However, they want cash and would attach your bank accounts and garnish your wages first. The additional cost and effort to go after your car, probably isn’t worth it.

   Comment by bdancer222 — September 30, 2010 @ 4:14 am

2. 

   Well the answer is sort of yes and no.

   The CC company can not simply repo or take your car unless you have somehow signed over that right to them (which is unlikely if we are talking about a standard CC agreement).

   BUT..

   they can sue your *ss off in court and, if they win they will have a judgement for some amount plus the court costs. Once they receive the judgment paperwork they can have the sheriff sieze any asset you own which has value. Oh.. and they don’t have to hunt for it, you can be compelled by the court to reveal any assets under penalty of perjury – that means jail for lying to the judge)

   Typically, they will go for bank accounts or paychecks, taking one and garnishing the other. BUT. if you have no liquid assets (money) they can always go for personal possessions (the car) if they choose to. That judgement gives them open season on anything you have.

   That is unlikely since it is an involved process to sieze a car, store it, and then go thru the lien sale when it is so much more easier to grab your paycheck….. BUT.. it does happen…

   On the bittersweet side.. if your car sells for more then you owe you get the change.

   So… what can you do?.. contact the CC company and see if you can get some of the debt forgiven in exchange for a scheduled payment plan. Even to the extent of taking out a loan on your car to pay off the credit card company (the car loan will likely have a lower interest).

   ..

   Comment by ca_surveyor — September 30, 2010 @ 4:14 am

3. 

   No, No , No.

   All they can do is take you to court and get a judgment at that point they can garnish wages (if your State allows it), attach bank accounts and file liens on any real property you may own like cars, boats, land and homes.

   They can not take your property but neither can you sell it without paying off the lien from the profits.

   Comment by SPIFIMAN1 — September 30, 2010 @ 4:14 am

4. 

   Yes. If the credit card company decides to pursue your unpaid debts through seizure of assets they will look for things of value which can be liquidated relatively easily. Your car would be a prime target.

   Comment by Terry T — September 30, 2010 @ 4:14 am

5. 

   no not in most cases. If you default on the cards and they can prove that you paid the car off using them then they would have to sue you for this and that is not likely

   Comment by golferwhoworks — September 30, 2010 @ 4:14 am

6. 

   As far as I know they shouldn’t touch your car. they have not tangible owner ship in the car. you car has nothing to do with your Credit card. The only ones who can repossess your car are the ones you held the loan with and that is all paid off. the only time you might have to get rid of the car is if you need the money.

   Comment by ldagreco — September 30, 2010 @ 4:14 am

7. 

   Yep. Its not called repossession though. If the credit card company sues you-which is very possible-then you will be court ordered to pay them. If you do not have the money to pay them then they can sheriff sale your belongings. Including your car. Unfortunately that will probably be the first thing to go. They can take everything though, Tv, living room suit, bedroom suit, computer, antiques, pretty much anything of any value. They will hold a public auction at your house and when they have reached the amount owed it will be over. I am not joking about this stuff. It almost happened to me. I was sued by a credit card company and they won (of course) and I had 10 days to come up with $3500.00 or they were going to auction my stuff. They said they were going to take my car fist and then auction my Tv and microwave that they should have been able to get enough out of them to cover it. Thank God I was able to settle with them for $2300.00 cash within a few days.
   Call the credit card company and see if you can set up a payment arrangement, or maybe use your tax refund to settle for a lump sum. That is the cheapest way to do it, you usually save more money if you can give them like 1/2 of what you owe.
   Good luck!

   Comment by Elley — September 30, 2010 @ 4:14 am

8. 

   No. Credit card debt is unsecured debt. More likely, they will obtain a court judgment to garnish your wages or bank accounts.

   Comment by bud68 — September 30, 2010 @ 4:14 am

9. 

   The creditor files a lawsuit to collect the debt. If a default judgment is granted, then the first judgment creditor can have your personal property seized and sold to satisfy the judgment. The most obvious personal property to seize and sell is an automobile. Like all of these cases, the size of the debt is the material fact in decided what action will be taken. I doubt if all the credit card creditors will attempt to collect at the same time.

   Comment by thomas p — September 30, 2010 @ 4:14 am

10. 

    In a word, no. If you are in very serious trouble you should try to get a lawyer to explore filing either Chapter 13 or Chapter 7 bankruptcy if you can take a honest look at your situation. Try Chapter 7 if at all possible.

    Comment by superstup — September 30, 2010 @ 4:14 am

11. 

    You bet they can seize your personal property and sell it off to satisfy a judgement against you if you have no wages or bank accounts to garnish. They cannot seize your home, but can place a lien against it that must be satisfied or assumed by the buyer if you decide to sell your home.

    ***************
    Before anyone answers no, you’d be smart to check the laws in your state. It is not uncommon for a judge to order the sale of personal property, including automobiles, to satisfy a judgement and it’s perfectly legal. Never say never, folks.

    Btw…this was answered before here: http://answers.yahoo.com/question/index?qid=20070514130526AAfJFPX

    Comment by PooPooLaTrash — September 30, 2010 @ 4:14 am

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