Laws on Repossession

[Stevietaylorr]

Jurisdiction

Tennessee

I have an outstanding loan of $1900 through a financial service that has been sitting for 9 months. I went to make a payment at month five and they would not accept payment saying I have to wait for a court date, which at the time I knew nothing about. A month later I was served papers with the court date on it. I went to court today and I am resuming payments in 10 days, but one of the questions they asked me was if I had a car payment and what kind of car I have now. The loan I had originally taken out was a signature loan not a title loan. I have made only 3 payments on my car so I still have a long way to go. Now I do plan to properly make my payments on my loan every month, but can they repossess my car?

 

[adjusterjack]

Your car cannot be repossessed if the car wasn't security for the loan in the loan contract and the lender either listed on the title or was in possession of the title.

You might have other problems. If there's a judgment against you for the amount of the loan balance, the lender now has the power to garnish your wages and take the money right out of your paycheck (in limited amounts), or levy your bank account, if you default again.

 

[Stevietaylorr]

Your car cannot be repossessed if the car wasn't security for the loan in the loan contract and the lender either listed on the title or was in possession of the title.

You might have other problems. If there's a judgment against you for the amount of the loan balance, the lender now has the power to garnish your wages and take the money right out of your paycheck (in limited amounts), or levy your bank account, if you default again.

Thank you so much!