Car Repoed years ago, what happens?
Date: Wed, 08/29/2007 - 15:18
Hi,
My husbands car was repoed years ago before we got married. I read on this forum that the bank sells the car but you are still responsible for the difference b/n what they sold it for and what you owed on the car which is likely alot. Anyway, we have never been contacted to have him pay the balance and I am worried that one day we will get something in the mail and our wages will be garnished out of no where. I know that my husband changed his name years ago also because his dad committed suicide and left nothing to him so he changed his name b/c he didn't want to be tied to his fathers name anymore. Could this be why he's never been contacted about the debt owed on the repo? WHat do we do to resolve this?
My husbands car was repoed years ago before we got married. I read on this forum that the bank sells the car but you are still responsible for the difference b/n what they sold it for and what you owed on the car which is likely alot. Anyway, we have never been contacted to have him pay the balance and I am worried that one day we will get something in the mail and our wages will be garnished out of no where. I know that my husband changed his name years ago also because his dad committed suicide and left nothing to him so he changed his name b/c he didn't want to be tied to his fathers name anymore. Could this be why he's never been contacted about the debt owed on the repo? WHat do we do to resolve this?
First of all how long ago did this happen? You should have him
First of all how long ago did this happen? You should have him pull his credit report and look on there.
ladybug
Repos must follow certain guidelines for a deficiency balance to
Repos must follow certain guidelines for a deficiency balance to be legal.Review your state guidelines where the repo happened for this procedure. If they followed the rules they can get a judgment for balance from date of sale of vehicle. The sol of this type of debt would be from the date of sale.
Repos
Just to ease your mind, I am in the process of winning my case that Americredit has against me. They waited more than four years to sue for the balance and now they will not win because of the statue of limitations has run out.
