okay my step dad put a car in his name and i co-signed to get credit(so much for that)anyway it turned out to be a real lemon and after 3 yrs of paying on it every month on time i did a voluntary reposession. I owed 12,000 they auctioned it for 2,000!!! leaving me with10,000. anyway my step dad is worried they are gonna garnish his wages which I know are illegal in tx. My question is what can they do to either of us? I now own a home can they put liens on our property or get into bank accounts? They seem to be pursuing him more so than me b/c he ha more $$$ and better credit. Also they offered him a settlement of $6,000. I mean people have cars repod all the time. Will they really pursue it and take us to court or are they just trying to scare us.? The account is now with a third party company, some kind of associates. What should I do? Thakyou
Originally posted 2009-06-02 21:49:19.
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What they can do is take you to court and get a judgment at that point they can attach bank accounts and file liens on any property you or your dad may own like cars, boats, land and homes.
They will probably go after your step dad first because you were onlly a co signer. But they can still come after you too.
I also had a huge lemon of a car repoed in Texas. The state must not have very good cars! I only paid on it for 2 months. I left it at the repair shop. The finance company called me once to tell me it was going to be repoed. I said feel free. I have never heard a thing from them. That was in 1999! It has since dropped off my credit report. So sorry I can’t tell you exactly what can happen because my case is just so strange.
They won’t do anything with out telling you that they are doing it. They might not give you much notice that they are doing it.
I worked for a collection agency that dealt with Chrysler repos. All we ever did was try to get the money. We didn’t go to court or put leins on houses. We just called and asked for the money every three days! The only time we took money out of a checking account is if we were given permission to do it. And we only took the amount we were told to.
Good luck. I hope you don’t co sign on anything else for anyone else.