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Thread: Could I lose my car?

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    Veteran Member Alexis81's Avatar
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    Default Could I lose my car?

    I'm not sure if i should post this here on in dollar den so if its in the wrong spot i'm really sorry. Okay just a quit update, I am getting a new car thanks to my aunt who is loaning me the money and letting me pay her back over a period of 5 years.

    I had someone tell me the other day I could lose the car. Let me explain, I have about $16000 in unsecured debt (credit cards, apartment complexes, utilities and mediical bills) I was told that any of these companies could take my new car, and sell it to pay off my overdue bills.

    Im not quite sure how true this is and I would really appreciate some input if anyone knows anything about this and how I can avoid it.

    I was thinking of also putting the car in someone elses name as a co owner, unfortuniatly my family lives 1200 miles from me and I don't quite trust anyone else
    Alexis



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    Member jose3030's Avatar
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    Default Re: Could I lose my car?

    Is this car being bought cash?
    I read what you explained, I have a hard time seeing how they could take the car away from you.

    As long as you're making an honest effort to reconcile the debts and pay them back, this should be of no consequence.

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    Veteran Member Alexis81's Avatar
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    Default Re: Could I lose my car?

    Basically its a private loan. My aunt is sending me a cashiers check to pay for the car in full and Im paying her back.
    Alexis



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    Member jose3030's Avatar
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    Default Re: Could I lose my car?

    There's nothing they can do to you.

    To be on the safe side however, I'd get the title made out in both of your names, just in case something crazy happens.

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    Member Crush Solid's Avatar
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    Default Re: Could I lose my car?

    It really depends on what state you're in...but the majority can't take it without a court order which is hard to get. Unless you used it for some type of collateral.

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    Veteran Member Alexis81's Avatar
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    Default Re: Could I lose my car?

    No I haven't used it or my former car to secure any loans. Im located in Florida, and I've tried googling it but I can't seem to find anything
    Alexis



  7. #7
    zxcire
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    Default Re: Could I lose my car?

    As far as I know, the car can only be taken if you are declaring bankruptcy. In that case the car would be considered an asset and could be taken to pay some of your debts.

    Even if you get sued by a collections agency, I believe (my info is a few years old, and from another state) they can only garnish a paycheck to attempt to collect a debt, so you should be okay.

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    Default Re: Could I lose my car?

    In other states, if you can prove that the car you have is 'required' for you to earn a living, then you can keep it.

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    Default Re: Could I lose my car?

    I would suggest not adding family member to titles,e tc, becaus then they are on your loan, and therefore if something bad happens, god forbid, reposession, bankruptcy, etc. I will show up on their credit as well and they will loose their credit for the next 7+ years.

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    Member jose3030's Avatar
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    Default Re: Could I lose my car?

    Quote Originally Posted by G-Real View Post
    I would suggest not adding family member to titles,e tc, becaus then they are on your loan, and therefore if something bad happens, god forbid, reposession, bankruptcy, etc. I will show up on their credit as well and they will loose their credit for the next 7+ years.
    Actually, this is true.

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    Veteran Member blayze's Avatar
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    Default Re: Could I lose my car?

    no they cannot seize or threaten to seize your property.

    A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

    (1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

    (2) The acceptance by a debt collector from any person of a check or other payment instrument postdated by more than five days unless such person is notified in writing of the debt collector's intent to deposit such check or instrument not more than ten nor less than three business days prior to such deposit.

    (3) The solicitation by a debt collector of any postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution.

    (4) Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on such check or instrument.

    (5) Causing charges to be made to any person for communications by concealment of the true propose of the communication. Such charges include, but are not limited to, collect telephone calls and telegram fees.

    (6) Taking or threatening to take any nonjudicial action to effect dispossession or disablement of property if --

    (A) there is no present right to possession of the property claimed as collateral through an enforceable security interest;

    (B) there is no present intention to take possession of the property; or

    (C) the property is exempt by law from such dispossession or disablement.

    (7) Communicating with a consumer regarding a debt by post card.

    ( Using any language or symbol, other than the debt collector's address, on any envelope when communicating with a consumer by use of the mails or by telegram, except that a debt collector may use his business name if such name does not indicate that he is in the debt collection business.
    here's the link to the laws and such: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#808:

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    God/dess VenusGoddess's Avatar
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    Default Re: Could I lose my car?

    blayze is right...no one can take your car. Especially if that car is not used to secure any of those other loans.

    To the other posters...this is a personal loan so if another family member is on the title for the car, it won't hurt their credit rating with the loaner (aunt) since she's probably not reporting the loan/payments to the credit bureau. It may, however, kill the relationship if the loan is defaulted.

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    Default Re: Could I lose my car?

    VG, no offense, I worked for a car finance company and it will absolutely have an affect as technically that person is taking half of the responsibility of that loan. If someone were to happen, then as half-owner of the loan they are responsible. of course you could always motion the judge to keep it out of litigation, if it involved bankruptcy. However it will effect their credit report.

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    Default Re: Could I lose my car?

    I am not sure you need to check your local laws as they differ from state to state . Not being nosey or mean but why are you buying a new car when you have so many other payment responsibilities , your hole is getting deeper . I hope you can resolve all of this mess .

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    Veteran Member Alexis81's Avatar
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    Default Re: Could I lose my car?

    Curious J, I completely understand your question and have asked myself that a few times but the main reason is I drive an hour to and from work each day, and am also returning to school which is also an hour drive My current car's transmission is on its last legs - as in I can't go about 48 mph and the car is worth half of what a new transmission would cost me - even a rebuilt one.

    I really appreciate all the advice and I just wanted to clarify something. I'm not completely ignoring my debt, however what I'm trying to do is pay off the smaller things first - utilities, med bils etc as opposed to my credit cards to help my credit score improve. I can't afford to make any major payments to my credit cards right now - and they are all in collections anyway so I'm trying to do what I can and hoping on Sep - Oct to work on the credit cards.
    Alexis



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    Default Re: Could I lose my car?

    Just an FYI. I do not believe Med Bills get reported to the Credit companies, unless you grossly ignore them.....

    Also, if you work with the collection companies they will be allot more willing to help you out as well.

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    Default Re: Could I lose my car?

    Quote Originally Posted by G-Real View Post
    VG, no offense, I worked for a car finance company and it will absolutely have an affect as technically that person is taking half of the responsibility of that loan. If someone were to happen, then as half-owner of the loan they are responsible. of course you could always motion the judge to keep it out of litigation, if it involved bankruptcy. However it will effect their credit report.
    ???

    There is no loan being taken out. The aunt pulled the money out of her mattress and handed it over. Am I missing something?

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    Veteran Member blayze's Avatar
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    Default Re: Could I lose my car?

    damn, i need a magic mattress like her aunt has!

    Quote Originally Posted by MissAlethea View Post
    Screw you, I'm not running a vaginal charity here.
    If God would have meant for us to be naked, we would have been born that way.
    [SIGPIC][/SIGPIC]
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    God/dess Dottie Rebel's Avatar
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    Default Re: Could I lose my car?

    ^^^Hahaha! It was just an expression, of course, but I want one, too!

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    Veteran Member blayze's Avatar
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    Default Re: Could I lose my car?

    yeah i know! my grandma used to put money in a jar and bury it in her backyard in her garden. she had thousands of dollars in her front yard. as a kid, i wondered why it never grew...

    sorry to derail.

    Quote Originally Posted by MissAlethea View Post
    Screw you, I'm not running a vaginal charity here.
    If God would have meant for us to be naked, we would have been born that way.
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    God/dess VenusGoddess's Avatar
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    Default Re: Could I lose my car?

    Quote Originally Posted by G-Real View Post
    VG, no offense, I worked for a car finance company and it will absolutely have an affect as technically that person is taking half of the responsibility of that loan. If someone were to happen, then as half-owner of the loan they are responsible. of course you could always motion the judge to keep it out of litigation, if it involved bankruptcy. However it will effect their credit report.
    Maybe you should READ. It was already stated that the loan will be FROM the aunt (a personal loan...not one through a finance company). That means that there are no finance companies involved in any way...and that if there is someone else on the title (to keep away any other creditors) it won't negatively impact their score if she screws up on repaying her aunt.

    Read, read, read...then respond.

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    God/dess VenusGoddess's Avatar
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    Default Re: Could I lose my car?

    Quote Originally Posted by G-Real View Post
    Just an FYI. I do not believe Med Bills get reported to the Credit companies, unless you grossly ignore them.....

    Also, if you work with the collection companies they will be allot more willing to help you out as well.
    Med bills DO get reported...as soon as they hit collection.

    Not very many places put much stock on med bill collections, though, because they know how insane some of those bills are...and they also know how ineffective insurance is. But, that's a whole other story.

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