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Rubber Johnny posted:I am carefully considering my options right now, and I was wondering if you could tell me if I am opening myself up to any unforeseen implications by allowing Citi Financial to haul my car away if I stop making payments and start to ignore their calls. Like I said, it's of little consquence to me because it's busted and not worth it's weight in scrap metal. You explained pretty well how credit card debt collectors work but for me this seems to be a different situation. Would I be able to follow the same steps? That depends on the laws regarding deficiency judgments in your state. The finance company may be able to repossess the car and still go after you for the amount owed on the loan (perhaps minus what they can sell the car for). If the deficiency laws are in the favor of the creditor, a secured debt may be no different from an unsecured debt.
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Dec 3, 2009 12:59
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| # ¿ Apr 28, 2024 16:21 |
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