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My story:

I let my uncle use my credit to buy his car. He got the car. made the first 6-8 months of payments. Few months later he failed to pay then he abandoned the car and payments. The car has been repossessed. I don’t have money to pay or job. Now I’m being sued by the bank I owe. I attended the court today. They had me fill a form (name,address etc.) That includes bank information (account number) Vehicle under my name. I owe 00. I know the car is under my name but there’s no way I’m gonna pay for my uncle’s mistake.

I am worried that they might just take money from my bank or tow my current car for them to sell. Any belongings that I owe they can take. I did not give them my account number or car information. I just told them where I bank at.

Should I be worried?
I live in Northern California. If they do not have my bank account can they still get money from my bank with out sending me any notice? I have few cars under my name (paid for/ no loan) I’m also worried they might take one of the cars for filling the balance of 00 with warning?
I mean with no warning?

7 Comments »

1. 

   Yikes.

   Using your credit, co-signing, etc… all of this adds you to the responsible party list. Since the car’s already been repo’d, and you’ve already been taken to court, your chances for making any kind of settlement to the lender are long gone. Lesson learned, but your chance to settle this for less was when you were presented with the bill after the car was sent to auction.

   Now, you’ll have a judgment on your credit as well as a repo. So, as you probably know now, consider your credit shot for 7-plus years.

   Here comes the hard part… as part of the judgment, the court may order for your assets (including your cash in the bank) or wages to be garnished to satisfy the judgment amount. This will all depend on the state you reside in. Some states are considered "right-to-work", and do not allow for wage garnishments on judgments unless it involves child support. You have the right to ask the court what will happen.

   Unfortunately, when you laid your credit on the line, it became YOUR problem whether you liked it or not.

   Comment by ElGrande — April 5, 2010 @ 4:13 am

2. 

   I would be worried but i doubt they can take money from your bank if they don’t have your account #. I don’t know for sure what they can or could do. that sucks though, tell your uncye to pay up or else. I really don’t think there is alot of things you can do if you signed the loan though.

   Comment by The Fly. — April 5, 2010 @ 4:13 am

3. 

   Yea you should be worried you never should have let your uncle use your name, that’s fraud in the first place.

   Comment by Tina — April 5, 2010 @ 4:13 am

4. 

   Yes, you should be worried. They can take the money from your account with no warning. You are on the hook for the $8000 whether you like it or not. They already have your account number.

   Comment by Otto — April 5, 2010 @ 4:13 am

5. 

   This is hard lesson. This not you uncle’s mistake. It is yours.He is a sorry SOB. Is the credit in your name? Who is it registered to? Did you know he was not paying? If you havee no job go to legal aid
   Yes they can get a judgment against for the balance due if they sell the car for less than is owed and they can attach your account and anything else you own of value.

   Comment by palmisle — April 5, 2010 @ 4:13 am

6. 

   Sorry.. but if you let your uncle put the car and loan in your name, It isn’t his problem…it is yours.. and it’s also your car…

   The smart thing to do would be contact the bank where the car was financed, see if you can refinance the car, and then put it up for sale….

   The court will assign you payments, you will pay back more than is owed on the car, and won’t have the car either…

   Never ever co-sign or let someone use your name to buy anything….

   Comment by Sophie B — April 5, 2010 @ 4:13 am

7. 

   You aren’t paying for your uncle’s mistake. The mistake was yours.You made the mistake when you financed a vehicle for someone else using your credit. You got yourself into this situation and you are going to have to make your way out of it. If you don’t work out a payment arrangement, the bank will get a judgment against you and garnish your paycheck until the money you owed is paid in full.

   Comment by Scott H — April 5, 2010 @ 4:13 am

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