Can they take possession of my vehicle while it is still being financed and if so will it affect my girl friend's credit? 11 Answers as of October 11, 2013

My vehicle was levied by a credit card company who sued me and got judgement. The vehicle is financed and still has 3 years left on the loan. My girlfriend co-signed on the loan.

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Richard L. Hirsh, P.C. | Richard L. Hirsh
The creditor can levy on the vehicle, but they take the vehicle subject to the interest of the finance company.
Answer Applies to: Illinois
Replied: 10/11/2013
Stephens Gourley & Bywater | David A. Stephens
It will affect her credit unless the loan is paid off.
Answer Applies to: Nevada
Replied: 10/10/2013
Paul Stuber, Attorney at Law
Paul Stuber, Attorney at Law | Paul Stuber
The original car loan takes priority over the judgement creditor.
Answer Applies to: Colorado
Replied: 10/9/2013
A Fresh Start
A Fresh Start | Dorothy G Bunce
Has the vehicle already been taken? If so, you may be able to use state laws called exemptions to protect your vehicle from the levy. The fact that this vehicle is financed makes it unlikely that a judgment creditor will take it, since they would need to pay off the company financing the purchase of the vehicle before being able to reach any value in the car.
Answer Applies to: Nevada
Replied: 10/9/2013
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If the loan is not paid that will be hit on her credit. That is the purpose of co-signer.
Answer Applies to: California
Replied: 10/9/2013
    Law Offices of Linda Rose Fessler | Linda Fessler
    If you do not have the pink slip, I do not see how they can put a levy on it. The car still belongs to the finance company.
    Answer Applies to: California
    Replied: 10/9/2013
    Stuart P Gelberg
    Stuart P Gelberg | Stuart P Gelberg
    It is possible but unlikely. If the auto loan goes into default her credit will be affected?
    Answer Applies to: New York
    Replied: 10/9/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If your vehicle has equity you may claim up to $15,000 exempt under Nevada law. If there is equity above and beyond the exception amount the creditor can sell the car, pay off the bank, give you $15,000 and apply the balance to the judgment.
    Answer Applies to: Nevada
    Replied: 10/9/2013
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    If your monthly payments are not being made, your car may be repossessed. The procedure varies from state to state, but in Wisconsin, they must send you a warning letter first. If the car is repossessed and sold, the unpaid balance can be collected from you and/or your girlfriend. The delinquent payments and the repossession and any lawsuits will be report on your credit and your co-signer's credit. To protect your co-signer, you need to get the loan current and prevent repossession.
    Answer Applies to: Wisconsin
    Replied: 10/9/2013
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    No but you may not be able to sell it.
    Answer Applies to: Florida
    Replied: 10/9/2013
    SmithMarco, P.C.
    SmithMarco, P.C. | Larry P. Smith
    If payments are still continually made on the vehicle loan, her credit will not be hurt. If payments are no longer made, it will hurt her. Her credit standing is all about how she handles payment obligations. Thus, when a loan is taken out, the bank only cares about whether or not she makes all payments, on time, and pays off the loan. She does that she'll have good credit. The bank hardly knows or cares whether she actually physically has the car. They only care about if the loan is getting paid.
    Answer Applies to: Illinois
    Replied: 10/9/2013
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