Broke and Car repo

[sinkinglow101]

What is the name of your state? Texas

I can no longer afford to pay for my vehicle due to decrease in income and the cost of gas increase, My gas bill has gone way up. My spouse and I have had 3 repos in the past. I thought these days were over. I have explored numerous options and the only one that I can do is return the vechicle. I have had it 2 years and paid on time every month. I live in texas and am not sure what can be done to us for having more than one repo. I know I am liable for the extra owed after they sell it, we never did pay the other. What can be done to us? Our credit of course is already ruined. Can we go to jail?

[Ladynred]

I live in texas and am not sure what can be done to us for having more than one repo.

You can have 10 repos.. it makes no difference. You will just owe FOUR deficiency balances left over from the sale of the 4 vehicles.

What can be done to us?

They can sue you, get a judgment, then go after non-exempt assets and your bank account(s).

[sinkinglow101]

What is a non exempt asset?
I know of someone who has had prob the 10 repos and nothing has happened to them, is it just luck that no one has sued?

[Happy Trails]

Originally Posted by sinkinglow101

What is a non exempt asset?
I know of someone who has had prob the 10 repos and nothing has happened to them, is it just luck that no one has sued?

From Texas statutes:


§ 42.002. PERSONAL PROPERTY. (a) The following personal property is exempt under Section 42.001(a):
(1) home furnishings, including family heirlooms;
(2) provisions for consumption;
(3) farming or ranching vehicles and implements;
(4) tools, equipment, books, and apparatus, including boats and motor vehicles used in a trade or profession;
(5) wearing apparel;
(6) jewelry not to exceed 25 percent of the aggregate limitations prescribed by Section 42.001(a);
(7) two firearms;
(8) athletic and sporting equipment, including bicycles;
(9) a two-wheeled, three-wheeled, or four-wheeled motor vehicle for each member of a family or single adult who holds a driver's license or who does not hold a driver's license but who relies on another person to operate the vehicle for the benefit of the nonlicensed person;
(10) the following animals and forage on hand for their consumption:
(A) two horses, mules, or donkeys and a saddle, blanket, and bridle for each;
(B) 12 head of cattle;
(C) 60 head of other types of livestock; and
(D) 120 fowl; and
(11) household pets.
(b) Personal property, unless precluded from being encumbered by other law, may be encumbered by a security interest under Subchapter B, Chapter 9, Business & Commerce Code, or Subchapter F, Chapter 501, Transportation Code, or by a lien fixed by other law, and the security interest or lien may not be avoided on the ground that the property is exempt under this chapter.

For more information go to: [url]http://www.capitol.state.tx.us/statutes/docs/PR/content/htm/pr.005.00.000042.00.htm[/url]

[CALIF-LAWPRO22]

Originally Posted by sinkinglow101

What is the name of your state? Texas

I can no longer afford to pay for my vehicle due to decrease in income and the cost of gas increase, My gas bill has gone way up. My spouse and I have had 3 repos in the past. I thought these days were over.

My response:

Sounds like you're another Texan for Bush!

This is what happens to Dufus people when you vote a Dufus into office. I'll bet you can't wait for those gas prices to go down, right?

"The economy is strong, and vital," said Bush on March 21, 2006.

Yeah, it's only a Depression or Recession when you've lost your job . . .

IAAL

[debtcollector`]

Nonesense IAAL.

The only way they can have four repos is by living beyond their means. Gas prices hikes reduction in income -- doesn't excuse their lack of responsibility and poor planning.

Answer: Stop financing vehicles you can't afford. Buy a $500 car and keep it a couple years.

DC

[CALIF-LAWPRO22]

Originally Posted by debtcollector`

Nonesense IAAL.

The only way they can have four repos is by living beyond their means. Gas prices hikes reduction in income -- doesn't excuse their lack of responsibility and poor planning.

Answer: Stop financing vehicles you can't afford. Buy a $500 car and keep it a couple years.

DC

My response:

So, you were living worse under Clinton? So, you were paying higher gas prices under Clinton? So, this country had an astronomical deficit under Clinton? So, our writer didn't have a good-paying job under Clinton? So, Clinton's approval rating was worse than Bush?

Don't convince me of your nonsense. I'll bet you're working "round the clock" nowadays trying to collect debts that people didn't have under Clinton.

IAAL

[debtcollector`]

Originally Posted by CALIF-LAWPRO22

Don't convince me of your nonsense. I'll bet you're working "round the clock" nowadays trying to collect debts that people didn't have under Clinton.

IAAL

Nope. I don't work 'round the clock. I spend a lot of time playing with my camera and turning perfectly good boards into sawdust.

But you are right, I collect debts people didn't have under Clinton. I don't buy anything that old. I don't particularly care about SOL as long as there is a few years of credit reporting left.

DC

[bucs1055]

Originally Posted by CALIF-LAWPRO22

My response:

Sounds like you're another Texan for Bush!

This is what happens to Dufus people when you vote a Dufus into office. IAAL

Amen,

And the sad thing is, is that the dufus's outnumber the non-dufus's.

And that's why we are stuck with Junior.