My girlfriend recently had her car repossessed. She then bought a car from a friend for very cheap just to get around. She has a bill of sale and the title for said vehicle. It's all in her name. My question is, can they repossess her new car since she still owes money on the old one? I wouldn't think they'd be able to since A) It's paid off and B) She purchased it after the first one had already been repossessed. Any help is appreciated.
I would think not, although I thik jdang may know about this as he is a financial lawyer I believe..... More then likely what she owes is mostly interest in which case I don't think they would be able to repossess the car she just bought.........
She still owed quite a bit on the car. A collection agency called her at work and told her they were going to serve her. There's no way that car sells at auction for what she has left to pay. Therefore, I was wondering if they would go after the current car as part of the deficiency.
yes i believe if you are in collections and it has gotten to a certain point, the government can come after whatever you have. i know that for loans, if you avoid them long enough (i'm talking about a looong time) the servicer can eventually have the government pay off the loan, then the gov just garnishes your salary. i'm not 100% sure if they can just take your possessions in lieu of payment, but I wouldn't doubt it
no, they can only go after the car she owed dough on. She will be held accountable in her credit rating for what is left on the debt after the auction, but they are not going to come get the replacement car. I'm pretty sure only the IRS can just come take stuff.
Marty has it the secured loan was for a specific vehicle that the company now has possession of again and they do not have any type of lien rights to the new car to the very best of my knowledge.
Only if the new car was put up for collateral which would not be possible since she bought that car after the fact. She is in the clear.
