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#1
06-06-2008, 04:42 PM
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can they garnish wages for car loan?What is the name of your state? VA My husband has a friend who is behind on payments by 60 days..The collection agency has told him that they are going to garnish his wages...Can they do this if he still has the car? I thought they would have to repo the car, sell it, pay off his loan, and if he files a homestead exemption give him the amount of that as well...... I had heard years ago, that as long as the interest was paid monthly they could not repo a vehicle. I have no idea if that is true. If it is true, would that also be true of wage garnishment? How will all of this work? Thanks in advance for any advice.... |
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#2
06-06-2008, 04:52 PM
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| Q: The collection agency has told him that they are going to garnish his wages...Can they do this if he still has the car? A: Yes, if they have a judgment against him. Q: I had heard years ago, that as long as the interest was paid monthly they could not repo a vehicle. A: You heard wrong.
__________________ There are two rules for success: (1) Never tell everything you know. |
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#3
06-06-2008, 04:59 PM
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| Ok, thanks for the answers..... Is there anyway he can stop the judgement or garnishment? I really don't think so, accept to make the payment,lol, but thought I would ask. |
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#4
06-06-2008, 05:13 PM
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| they have to have a judgment before they can garnish, which means they have to actually sue him and win first. they are trying to bully you. however if you ignore them, they will sue and if you ignore that they will get a default judgment, its just a matter of time. |
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#5
06-06-2008, 05:21 PM
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| Right, I know they have to have a judgement, but can they garnish his wages without repoing the vehicle? Also, if he files a homestead exemption, which I think is only like $2500 in this state, do they have to subtract that amount from the amount he will owe? Also, if they do have to repo first, don't they also have to sell it at auction and then he would owe the balance minus the homestead exemption? Thanks for your help... |
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#6
06-06-2008, 05:46 PM
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| what does a homestead exemption have to do with a car debt? does he live in his car? |
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#7
06-06-2008, 05:51 PM
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| Homestead exemption doesn't just have to cover housing. It also covers vehicles. I am probably wrong on the terminology of the exemption. It is along the same lines though. It covers a vehicle though instead of a home. Last edited by poeyrose; 06-06-2008 at 05:57 PM. Reason: correction |
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