Can a debt collector take my car?

By Forinfos - 08/10/2025 - 0 comments

According to LawNY, a debt collector can repossess a car if the debt is secured. A secured debt has something that is used as collateral for the loan. In this case, the car is collateral for the loan and it may be repossessed if the loan is not paid.

Once repossessed, the creditor may then sell the car. The selling price of the car will go towards the remaining balance of the loan. The debtor is responsible for paying the difference between the sale of the car and the total loan value. For example, if a debtor owes a creditor $5000 and does not pay it back on time, the creditor may repossess and sell the car for $4500. The debtor must then pay the $500 balance.

Login to Comment

Comments

Be the first to write a comment for this article.

Related Articles

Can a Debt Collector Take Me to Court? Can a debt collector enter a debtor's house? Can debt collectors call on Sundays? How many times a day can a debt collector call? Can a debt collector refuse a partial payment? How can you pay off debt collectors? What is the job description for a debt collector? Can a debt collector use different cell phone numbers to call you? How does a person become a debt collector? How long can companies try to collect a debt?

Trending Articles

What are some famous southern gospel soundtracks? Where are Bob Ross's oil paintings sold? What was J.D. Robb's first book series? What are some of the most watched TV channels in Pakistan? How do you find a list of the top-rated American history books? What is the theme of "Freak the Mighty"? What are the cheers in the movie "Bring It On"? What is the history of the song "You've Got a Friend"? What happens in the first episode of "Scandal", season 4? Is Teresa Earnhardt remarried?