auto repo-worse case scenario?
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Posted by scared.
(206.72.60.213) on October 14, 2003 at 15:37:57:
My husband and I are on the verge of getting our vehicle repossessed. My husband has owned his own business for two years now and suddenly the business has decreased, we are now in a situation were he has to find a regular job. Pay at a regular job will probably not make the payments. So, we have no choice but to surrender the vehicle (we have exhausted other options, i.e.: refinancing, arrangments, etc.). The vehicle is not worth what we owe. It is worth aprox. $10,000 and we owe $16,000. I already know there will be a deficiency balance when the car is re-sold. I want to know what our rights are before the repo happens. What is the worse case scenario? I understand they can file a judgement if the deficiency is not paid, but what are they entitled to? FYI: The vehicle is only in my name. I do not work, I stay at home with our children. We owe aprox. $30,000 on our home, which is in my name only. We have another vehicle, a truck that we owe about $3000, it is in my name and my husband's name. Our home? Our other vehicle? My husband's wages when he starts work even though the vehicle is only in my name? I live in Iowa, in regards to laws. What is worst that is going to happen (besides my credit being ruined) and what are the creditors entitled to? We have absolutely no experience in bad credit situations and "judgements". This is so scary. I feel horrible for being in this situation. Any information or suggestions is apprecaited.
Thank you.
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