Bank account levy and new car...?
Date: Thu, 03/27/2008 - 06:09
I have a levy on my checking account until the 14th of April, I've already talked to the company about setting up payments, but they told me they cannot remove the levy once its been put on so I just have to wait till April 14. Problem is that I totaled out my car on Feb. 14th and now I have to get a new one. Will I be able to get a loan since I have the levy on my checking account? I'll have a co-signer and everything, so it won't just be under my name...
Hey! I don't think that any lender will forward you a loan when
Hey! I don't think that any lender will forward you a loan when your account is already levied.
Any lender will look into the scope of recovering the loan before forwarding it to you. However, the garnishment has done enough damage to your credit already. Hence, I think that the chance of getting a loan for a new car is remote in your case. Moreover, if you default in the car loan, it'll greatly affect the credit of your co-signer aswell.
