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I live in Florida and am not sure about the rules and regulations. My car is 100% paid for but I am unable to pay the ,000 balance on my Discover card. Can they take my car?

7 Comments »

1. 

   Generally not, unless they get a court order.

   Comment by Common Sense — February 4, 2011 @ 6:38 am

2. 

   No.

   Comment by jlf — February 4, 2011 @ 6:38 am

3. 

   No. There are two types of credit:

   (1) unsecured – like credit cards, medical bills, cable bills, etc.
   (2) secured – like mortgages and auto loans

   Unsecured debts mean there is no "security" for the debt — nothing to repossess

   Comment by Ghost of Zeuz — February 4, 2011 @ 6:38 am

4. 

   They can try to take you to court and get a judgement against you. If they do, it is more likely the judge will order you to make payments or to have payments taken out of your paycheck through a process called wage garnishment.

   Have you considered selling your car to pay off the balance?

   Or, getting a part time job to pay at least something on the balance?

   If you walk away from the balance it will be difficult and expensive to get any credit in the future, and this is really not a high enough balance to ruin your credit over.

   Comment by Lauren F — February 4, 2011 @ 6:38 am

5. 

   Credit cards are unsecured, meaning they took the risk of giving you that card without the ability to take any property from you if you fail to pay. Their option is to sue you and get a judgement, garnish your wages, levy any bank accounts you have. Your personal property is safe unless you declare bankruptcy, in which case judges will make you liquidate to minimum levels.

   Comment by Jay S — February 4, 2011 @ 6:38 am

6. 

   No,u need not worry.
   All the best.

   Comment by Amarnath C — February 4, 2011 @ 6:38 am

7. 

   No they can’t simply take your car tomorrow to pay the bill. That’s the good news. The bad news that eventually they could seize bank accounts and garnish wages. But this not overnight. First they would need to sue you. This takes several months from when you default on the loan and get sent to collections. Since you really do owe the money, they will definitely win any suit filed. They will receive a judgment from the court. At that point, they can attach property, seize assets, and garnish wages. There’s is long way to go until then. My advice would be to get in front of this and keep up with those payments. With a second job, you can knock this out in a matter of months.

   Comment by Jay P — February 4, 2011 @ 6:38 am

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