Credit Cards & Car w/ Loan.. Can they take it?
Date: Thu, 01/28/2010 - 13:32
I still owe a few thousand dollars on a car, but I am going for the settlement process with credit cards. I am still making monthly on-time payments for my car. My 3 cards are BofA, Citi, and Amex. Will there be any way for them to get a lien on the car? If for some reason any of them decide to sue, when I find out, could I sell it immediately if I found a buyer?
The car wouldn't be paid off for another 2 years if I just make regular payments. Also, I am in NY. Thanks!
The car wouldn't be paid off for another 2 years if I just make regular payments. Also, I am in NY. Thanks!
Quote:Originally Posted by AnonymousI still owe a few thousand d
Quote:
Originally Posted by Anonymous I still owe a few thousand dollars on a car, but I am going for the settlement process with credit cards. I am still making monthly on-time payments for my car. My 3 cards are BofA, Citi, and Amex. Will there be any way for them to get a lien on the car? If for some reason any of them decide to sue, when I find out, could I sell it immediately if I found a buyer? The car wouldn't be paid off for another 2 years if I just make regular payments. Also, I am in NY. Thanks! |
IMO you need to consult the state laws regarding selling off the property to avoid a lien on it.
As far I know state laws have restrictions in place to prevent the debtors from indulging into such activities to avoid seizure by the creditor. It is regarded as fraud.
