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What will happen to you and your credit when a company has to write off a car you put in your name because they can't find it to repossess?
Wiki User
∙ 12y ago
It means YOU will be paying for a car someone else is driving. it means lenders and collection agencies will be calling YOU and bugging YOU while they ride around listening to CDs. It means YOU will be getting letters in the mail about judgments while they drive around lookin purty. It means YOU will have your paycheck garnisheed every week while they ride around for free. NO, I'm not trying to be mean, its just the facts. Signing for someone else is NOT the thing to do. Best thing you could do for your credit is go get the car, drive it yourself and PAY FOR IT. good Luck
Wiki User
∙ 12y ago
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What can happen if i don't pay my credit card bills?
If you don't pay your credit card bill, the company may put the nonpayment on your credit report. Also, the credit company may sue you in court.
Can a property be foreclosed on for credit card debt?
Since credit cards are unsecured loans, there is no collateral that the credit card company can repossess if you go into default on your payments. That being said, a credit card company can take you to court and sue you for the unpaid balance. When that happens, the judge can order income withholding or other measures to settle the debt. I've never heard of any judge ordering a foreclosure because of unsecured debt, and while I suppose it's possible, I don't think it would ever happen. The amount owed would have to be so immense that it would make sense for the credit card company to go to that much effort. I hope that helps, and best of luck to you! --Connie, ConsolidatedCredit.org
If a credit card company says you owe them money but it is not on your credit report do you have to pay?
If it isn't on your credit report, the credit card company still has hopes of you paying it off. When they see that isn't going to happen, you can bet your butt that it WILL be on your credit report.
What will happen if you dont paid your credit card bills?
Your credit card company will report you to one of the three credit agencies, Experian credit bureau, Equifax credit bureau, and TransUnion credit bureau.
What happens when the credit card on file with a company you owe money to is invalid?
They say that I am in contract to pay for everything. They have my credit card and that's it. What can happen if the credit card on file is invalid?
Amc credit corp?
AMC Credit Corp is a complete scam. Don't believe any positive testimonials about this company. They were written by the company themselves. I personally know this to be true because I was scamed out of 3800.00 dollars. They promised a personal loan that i never received. Please don't let it happen to you.
Does a Florida car dealer have the right to repossess a car if financing fails and if so can a sales rep repossess the car without being a licensed repossession agent?
Yes, in both circumstances. When you sign the contract it is pending approved credit. The dealership owns the car and figures it can get you financed by the banks but when that fails to happen the dealership still owns the car. You are just driving till the contract is bought by the bank. The Sales rep can and will get the car because it isn't being reposed. They own it and he is representing them in getting it back. Sorry it happened to you but it does happen out there
How can you legally repossess a car in Florida that you hold a lien on?
Your best bet would be to contact a repossession company there. You happen to be very lucky, there are some major companies there that are extremely effective. Check your local yellow pages.
Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?
No.
What is the appropriate classification of customers accounts with credit balances in a balance sheet?
If a customers account has a "credit" balance, this means the company owes that customer rather than the customer owing the company. Customer accounts tend to have a debit balance, meaning the customer owes the company that amount. It is rare when a company owes a customer, if this does happen, the account becomes a liability instead of an asset because of the fact that now the company owes money rather than is "owed" money.
What are the consequences of letting a company repossess an auto when you are in over your head?
It would be in your best interest to try and negotiate something with your creditor. What will probably happen if they repossess your vehicle is that they will auction it off to the best bidder in an attempt to recover what you owe on the car. If the best bid does not cover the debt you owe, they will come after you for the balance. So you will be stuck paying the balance on a car that you don't even have anymore.
What will happen to you if your car is 6 months behind in payments and you still have possession of the car?
The lender will eventually repossess the car.
