N
niece612
Guest
In July of 1998, I bought a new car that was financed through an independent finance company. The car and loan were in my name, and my father was my co-signer. In September of 2000, my car was reposessed, due to 2 missed payments(I was unable to work due to injury).
At the time it was reposessed, I owed about $9500 still on the car note. It was sold at auction the following month for $2500. Soon after, I received paperwork in the mail in regards to what was still owed on the vehicle, minus fees and the $2500 they sold it for. Then I contacted them about this, and they agreed to a settlement of $4000, to be paid in full. I explained my financial situation and worked out a payment plan : I was to pay $200 bi-weekly for 8 weeks until my tax return arrived, and then settle the difference of the $4000. I made the payments totaling $800, but was not able to make the final payment to settle the debt. When I tried to work out the problems, they claimed the settlement was void, and that any payments received after that date were going towards the original debt owed. So I stopped making payments altogether, because I could not afford it. My father was also out of work due to injury, and was not able to help me in any way financially.
In August of 2001, I was served with lawsuit papers from the finance company. They had also tried to serve my father, but he had moved in the meantime, so they have just served him recently. We are scheduled to be in court August of 2002.
I still cannot afford to make payments on this debt, and neither can my father(not that I would expect him to). I do not own any property, nor do I have any stocks, bonds or anything that would interest the courts. My father, on the other hand, owns a home, as well his bank accounts, cars, etc. They have threatened to put a lein on my father's house, as well as his bank accounts, and whatever else that he has. Can they do this? I don't want my father to be punished for this, as it was my car, but I am unable to make any restitution towards the debt at the present time.
Thank you for your assistance, have a great day! And I live in Pennsylvania.
At the time it was reposessed, I owed about $9500 still on the car note. It was sold at auction the following month for $2500. Soon after, I received paperwork in the mail in regards to what was still owed on the vehicle, minus fees and the $2500 they sold it for. Then I contacted them about this, and they agreed to a settlement of $4000, to be paid in full. I explained my financial situation and worked out a payment plan : I was to pay $200 bi-weekly for 8 weeks until my tax return arrived, and then settle the difference of the $4000. I made the payments totaling $800, but was not able to make the final payment to settle the debt. When I tried to work out the problems, they claimed the settlement was void, and that any payments received after that date were going towards the original debt owed. So I stopped making payments altogether, because I could not afford it. My father was also out of work due to injury, and was not able to help me in any way financially.
In August of 2001, I was served with lawsuit papers from the finance company. They had also tried to serve my father, but he had moved in the meantime, so they have just served him recently. We are scheduled to be in court August of 2002.
I still cannot afford to make payments on this debt, and neither can my father(not that I would expect him to). I do not own any property, nor do I have any stocks, bonds or anything that would interest the courts. My father, on the other hand, owns a home, as well his bank accounts, cars, etc. They have threatened to put a lein on my father's house, as well as his bank accounts, and whatever else that he has. Can they do this? I don't want my father to be punished for this, as it was my car, but I am unable to make any restitution towards the debt at the present time.
Thank you for your assistance, have a great day! And I live in Pennsylvania.