SC Laws on Auto Reposession

[TRDurham]

What is the name of your state? SC

My husband and I have a 2007 Jeep, and we are both full time students. We are finding it harder and harder to make it financially every month and dont know how much longer we will be able to make our car payment. Before we get behind on a payment I wanted to find out about the laws in our state concerning reposession.

We do own realestate, and my concern about reposession is can they put a lien on our realestate in SC if we have to give the Jeep up? Also, how long does a reposession stay on your credit?

Any legal advice on this issue would be greatly appreciated!What is the name of your state?

[debtcollector`]

Have you considered using your student loan refund to pay it off, or pay it down?

DC

[Ladynred]

Before we get behind on a payment I wanted to find out about the laws in our state concerning reposession.

Per the UCC, if they repo the Jeep, they must send you a notice and give you the 'right to cure' -meaning you'll have to pay a lot of money to get the car back. If you don't try to get it back, it will be sold at auction for a fraction of it's value, and you will be liable for the difference between what you owed and what it sold for. Per the law, they MUST notify you of the date, time and location of the auction. They must also notify you after the sale of the exact sale price, all fees added (selling, storage,etc.) and give you a final number on what you will owe. It's likely you'll be sued for that deficiency too. However, if you do not receive all of the legally required documents, then they may forfeit their right to collect on that deficiency, so don't go throwing ANYTHING away.

We do own realestate, and my concern about reposession is can they put a lien on our realestate in SC if we have to give the Jeep up?

If they sue you for the deficiency and win a judgment, yes, they can place a lien on your property. They can also attempt to seize other non-exempt assets, and your bank accounts.

Also, how long does a reposession stay on your credit?

Same as most other negative information - 7 years.