If my car was repossed, can the finance company garnish my wages for the balance owed on the car

Question

If my car was repossed, can the finance company garnish my wages for the balance owed on the car

Answer

Your question is disturbing because it tells us that you never bothered to read your car sales contract before you signed it and bought your car.

The answer is right there. After the repossession, the company usually will sell the car at a huge loss, then sue you for that loss, plus attorneys fees, repo fees, storage fees, ad fees, court costs, etc. Your wages and bank accounts can then be garnisheed, and any other assets you have (car, home, personal property) can be seized.

There is an important lesson here - never ever sign anything you have no read and understood. And if you don't understand something take it to a lawyer before signing.

Answer

Yes, if the car lender or its assignee gets a judgment against you.

Depending on when the car was repo'd and if the lender/its assignee has sued you, you may have some time. Start saving your funds now. Since the car was sold, the deficiency remaining is an unsescured debt and can be settled, but you need to start preparing.

If you are interested in protecting yourself and resolving your debts in a non-bankruptcy setting, please contact me at [email protected]/* */