Legal Question in Credit and Debt Law in New York

truck reposession

i have a 2002 dodge ram pickup. i can't afford to make payments anymore, the bank says its on the repo list. what happens if they can't find or are not able to reposess the vehicle?


Asked on 3/16/08, 5:05 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: truck reposession

The bank can commence an action for money judgment based on the remaining amounts owed under the loan agreement. The bank would be able to restrain your bank account, take up to 10% of you wages each pay period, take any other assets you may have, place a lien against your house, and basically destroy your credit.

Mike.

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Answered on 3/17/08, 8:53 am


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