| Auto Loans and Repossession Creditor actions following late payment or default on motor vehicle loans. |
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05-28-2008, 11:53 AM
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Junior Member
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Join Date: May 2008
Posts: 1
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What Can Creditors Legally Do After Repossession In Texas
My question involves an auto loan or repossession in the State of: Texas........After the vehicle has sold at auction, what are the legals means of the creditor to collect the difference?
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05-28-2008, 04:02 PM
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Senior Member
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Join Date: Jan 2008
Posts: 8,137
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Re: What Can Creditors Legally Do After Repossession In Texas
Your creditors can take you to court to pursue a deficiency judgment.
Once they get it, they can look to having your wages garnished and your bank account levied.
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05-28-2008, 07:50 PM
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Administrator
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Join Date: Mar 2005
Location: Michigan
Posts: 26,484
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Re: What Can Creditors Legally Do After Repossession In Texas
Texas does not permit wage garnishment, save in narrow circumstances (e.g., child support).
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05-28-2008, 08:45 PM
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Senior Member
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Join Date: Jan 2008
Posts: 8,137
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Re: What Can Creditors Legally Do After Repossession In Texas
I sit corrected. I think I was looking at the wrong tab!
Thanks, Aaron!
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05-29-2008, 10:08 PM
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Senior Member
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Join Date: Apr 2007
Location: Il.(near StL,Mo.)
Posts: 3,991
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Re: What Can Creditors Legally Do After Repossession In Texas
If they do get a judgment against you, they can seize non-exempt assets that your state allows. (but they can't garnish wages for this type of debt)
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