Repossession of Vehicle

[laurakay06]

I have a vehicle loan that is in my name. It was purchased during a previous marriage, and my now ex husband drives the vehicle. he is a traveling salesman and is somewhere in Pennsylvania right now.

The truck payments were supposed to be paid by him, but they are not being paid. I cannot afford to make them. the finance company is looking to repo the vehicle, they just don't know where to look for it.


If they repo the vehicle, can they get a judgement against me for the difference between what they sell it for, and what is owed on the loan? How will the judgement affect my credit and/or bank accounts? How long will the judgement stay on my credit? Can it be continuosly sold to collection companies, or will it still be collected by them, therefore causing ongoing late pays?

If they cannot find the vehicle, and I can't tell them where to find it, because I don't know where it is, can they file theft charges on me and could I go to jail?

 

[Michael Wechsler]

1) The creditor will get a judgment against you for everything they are out and will be out, e.g. collection costs.

2) Yes, the debt can be sold to collection companies and it isn't going to disappear.

3) The judgment will stay on your record forever. Credit is a different story (7 years if I recall) but the judgment will be there for the searching.

4) You know who has the vehicle. It's your vehicle, not your ex-husband's. Title is in your name. You should know the responsibility of state law.

Your best bet is to sell the vehicle yourself if your ex isn't going to pay the amounts due to prevent the repo company from charging you to take it and then the cost of the auction. You'll be paying even more. Good luck with this.