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JB Umphrey
JB Umphrey, Attorney
Category: Legal
Satisfied Customers: 20233
Experience:  Explains legal matters based on 14+ years experience.
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I want to do a voluntary reposession of my car. I can no lo

Resolved Question:

I want to do a voluntary reposession of my car. I can no longer afford $600.00 monthly payments. The finance company is threatenig to garnish my wages. Can they do this?
Submitted: 7 years ago.
Category: Legal
Expert:  JB Umphrey replied 7 years ago.
Thank you for using JustAnswer!

What will be the value of your car if it is repossessed and sold at auction?

What is the outstanding balance on your note?
Customer: replied 7 years ago.
i would probably owe 10 thousand dollars. I have paid consistently, and on time. My loan is not going down.
Expert:  JB Umphrey replied 7 years ago.
Are you saying that the balance on your note is approximately $10,000?
Customer: replied 7 years ago.
The balance of the car is aprox. $22,000. The $10,000 would be after deducting the value of the car.
Expert:  JB Umphrey replied 7 years ago.
So, your note balance is approx $22K and you estimate that your car would get $12K at a public auction?
Customer: replied 7 years ago.

I really don't know what else I can tell you. I want to know if the finance company can garnish my wages.

Expert:  JB Umphrey replied 7 years ago.
I just wanted to make sure that I was on the same page as you before I offered an answer.

If the amount that the car brings at auction is not enough to satisfy the note, then, yes, the finance company can come after you for the balance. That includes filing a lawsuit, getting a judgment, and garnishing your wages.

Good luck and best wishes! I hope that you find this information to be helpful and this answer to be ACCEPTable!

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