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Student going through a car repossession?
13th July 2011
I am currently unemployed and in the process of getting my leased car repossessed. I will have student loans but no other income. If they repo my car, can they take money from my student loan to pay off my debt? I have no job and that’s the only money i will have. What can they do to sue me if I have no income? I live in Canada.
Posted in: Auction FAQ | | Comments (3)
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what they will do once they have possession of the vehicle, it goes to auction. The difference between what you owed, and the sale price is you obligation. Example, you owe GMAC
$12,000 they sell it at auction or $9,000 you owe $3,000 plus the repo fees. They cant garnish wages or touch your student loans, they will tell you that over the phone, but it wont happen.
Comment by Christian B — July 13, 2011 @ 11:26 am
Take the first 2 answers and add this.
If they take you to court and get a judgment they can also attach bank accounts.
This will show on your credit for 7-years and in the meantime when you get out of school and get a job they can then garnish your wages.
Comment by spifiman1 — July 13, 2011 @ 11:26 am
Take the first answer, and add this.
If they get a judgment for the deficiency, then they WILL garnish wages or otherwise collect in any legal way possible.
As to whether they can touch your student loan – probably not, as it’s not "income". But they may be able to attach other assets of yours.
Comment by Mountain Top — July 13, 2011 @ 11:26 am