Repossed Car Debt

[mberk1979]

What is the name of your state? AZ

I owned a car that was repossed I owed about $25k on it, the car was sold at auction for about $14k. They are now coming after me for about $11k, they offered to settle at about $5k. I do not want to pay them ,I do not care about my credit. I am the president of a corporation, can they come after the corp for anything?

thanks

[Ladynred]

Maybe, depends on how your corp is structured and whether or not you mix business and personal assets and probably other things as well. A determined judgment creditor can pierce the corporate veil if you've tripped up anywhere.

How long ago was this repossession ?
Were you sent all the required notices - notice to cure, notice of place and time of sale, statement of what's owed after the sale ??

[mberk1979]

My corp is an "S" corp, I do not mix personal/business assets. The repo was about 65 days a ago. I belive I recieved all the required notices.

[Ladynred]

For 11K, they will probably sue you and get a judgment. Then they can go after any bank accounts or other non-exempt assets you might have.

If I were you I'd take the 5K settlement and avoid the judgment. You signed on the dotted line to pay for the car, now you don't want to pay them .. did you not understand that the repo was NOT the end of the problem ?

[mberk1979]

Can they come after the corp banking account?? I do not have any personal assets and this lender screwed me for 2 years. I do not want to give them another dime. I do not care about my personal credit, and I can not file bankruptcy again for 2 years since I filed in 2000. Wont they just wright it off?

[Ladynred]

Can they come after the corp banking account??

They might try, that doesn't mean they'll suceed. They go for the EASY targets first.

Wont they just wright it off?

Not for 11,000 they won't ! Trust me, you have a very high chance of being sued for that amount of money !