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?
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?
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.
Texas does not permit wage garnishment, save in narrow circumstances (e.g., child support).
I sit corrected. I think I was looking at the wrong tab!
Thanks, Aaron!
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)