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Can my wages be garnished for a car loan?

Date: Fri, 12/08/2006 - 08:19

Submitted by tabbutler30
on Fri, 12/08/2006 - 08:19

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Total Replies: 10


Can my wages be garnished for voluntary repossesion of a vehicle? Gerald E. Moore is asking for the deficiency amount which includes taking money from my credit card to pay them.


The sale of the vehicle is applied toward your outstanding balance. If you still have a balance after the vehicle is sold, you still owe that balance.

Check up on your state's laws regarding disposition of collateral, usually under Motor Vehicle Retail Installment Sales. In Illinois, if you have paid 60% or more of your original balance, they can EITHER 1) take your car and forget about your remaining balance, OR 2) let you keep the car and they can go after a money judgment, BUT they can't do both.


lrhall41

Submitted by DebtCruncher on Fri, 12/08/2006 - 20:14

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Ashley is right, alot of banks will not allow you to use a credit card or debit card to pay for a loans. I tried to use my debit card to make a car loan payment since I was out of checks, the lady said that credit and debit cards were not acceptable forms of payment. Since they are not necessarily guaranteed funds.


lrhall41

Submitted by bdouble on Sat, 12/09/2006 - 06:49

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