Can they put a lien on my house for a repo car?
Kazra A asked:
My husband and I had a repo back in dec. they sent us a thing saying we had to pay 16,000 or they would go to a collections agency. We have heard thourgh a friend that they can put a lien on our house and seize our bank accounts. We can not afford to pay that back that is why we had a repo in the first place. We are really scared and have no idea what to do.
December 12th, 2009 at 4:28 am
Yes they can, find out what they re-sold the car for and you will owe the difference. It is better to call them then have it go to collection.
December 14th, 2009 at 6:09 am
This is proper procedure, I have a friend that had his car repoed and sold and he owed 16k just like you. The first thing they do is take a look at you, your finances and everything you have. If you show that you could have money and the ability to pay it back of course there is a possibility they could come after you. They always sell it to a collection agency then they are the ones that hound you. Let me be the first to introduce you to the site that will save your life, it is where I got all my info and it is the CORRECT place to go ask this question. They have a forum for repos and such and all the people there are super smart and know their stuff. They will tell you what to do to protect yourself,. Go there and send me that 10 points for saving you from this forum’s advice.
December 17th, 2009 at 8:26 am
Usually not, they have the car and any money you paid including a deposit. It is not so easy to convince a court that you own the house also. Simply it’s difficult to get that much more out of you because it’s their business. Car finance companies can’t grab houses from their repo. As long as the car was not returned as garbage, it’s their business lose. Good repo cars go right back to a dealership. Don’t let them fool you into thinking someone brought it for $1000 at an auction.