Re: two cars still not paid off, will creditors take them?

Posted by Why Chat (209.240.198.61) on March 10, 2003 at 19:09:57:

In Reply to: Re: two cars still not paid off, will creditors take them? posted by Genna on March 10, 2003 at 17:37:11:

I think so, but make sure he doesn't know about it when he turns 15 and gets his learner's permit! It might be more trouble than it's worth. Look up the car in Kelly's Blue Book for the wholesale value (generally trade-in value -20%).After legal costs and storage and seizure fees, the car would have to be valued over $5,000. for them to even break even. Plus in order to get an order of seizure they would have to show that at least 50% of their debt could be recovered,so,if you owe, say $10,000, they would have to prove the wholesale value is at least $10,000. Unless you have a Porsche, I don't THINK SO !!!

And no, they cannot get a garnishment order against you unless they have a judgment against you.

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