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If I have a judgment from American Honda for a reposession previously, can they repossess my new car?
19th May 2010
In 2003, I had a Honda Accord repossessed. Today, I am buying a car and I need to know if they can come and repossess the new car being that I have a small judgment against me.
Posted in: Auction FAQ | | Comments (1)
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It is possible that they could go to the court and ask the court to "execute" the old judgement. The court would order all your assets to be sold in order to pay off the debt. They wouldn’t sell everything, just enuf to pay the debt. In most states your house would be protected up to $100,000 in equity because the courts don’t want you to lose your house for a "small" Honda debt. Your other possessions are not protected. But the new car would have to be advertised for sale and the proceeds would first pay off the debt and the remainder given to you. That would be fair since you do owe the money. In real life, it never happens. Too much trouble and maybe there is zero equity in your new car…once you drive it off the dealer’s lot it is a used car.
Comment by Ed Atun — May 19, 2010 @ 4:14 pm