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I live in California, and Im voluntarily giving back my car to Toyota Financial. I know that I have to pay whatever is left after they auction the car, but my question is when I pay the remaining balance, can I make payments on it? Im in a finacial crisis right now thats why Im giving the car back and would also like to know at what extent will they go to garnish my wages?

Submitted: 306 days ago.
Category: Legal
Value: $15
Status: AWAITING CUSTOMER ACTION

Answer

You can do it if the creditor consents which often it does if it has no other way to collect the assets. If you reach an agreement on a payment plan they should not garnish your wages. Get it in writing. If there is no agreement, and the creditor has a judgment, it can garnish your wages.

Up to 25% of the debtor's net disposable earnings. Once the levy has been served on the employer by the sheriff or marshal, it remains in effect until the judgment has been paid in full. Because California is a community property state, the wages of a non-judgment debtor spouse are also subject to levy.

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Expert: INFOLAWYER
Pos. Feedback: 97.0 %
Accepts: 
Answered: 1/19/2009

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