If my wages have been garnished from adefaulted loan on a car but they never repossessed the car, what do I do with the car?

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If my wages have been garnished from adefaulted loan on a car but they never repossessed the car, what do I do with the car?

They just sued me for the full amount.

Asked on January 13, 2012 under Bankruptcy Law, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the lender has waived the security for the loan and has sued you directly for the unpaid balance on the loan resulting in a judgment against you, your option is to keep the car and do whatever you want to do with it.

Unfortunately you have to find a way to try and resolve the judgment against you. One way is to enter into a written agreement for monthly payments to pay it down. Another option is to try and pay a lump sum to the judgment creditor in exchange for a full written release and satisfaction of the judgment.

 

 


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