Issue with repossesed vehicle

[jalyman]

State of Washington. My wife and I both lost our jobs at the same time and are working now but a vehicle of ours is being repossesed. We've explored every possible option in case your wondering. Because of the way the sales contract was written, we still will be liable for the remainder of the contract amount after the car is auctioned. We were told by the finance company that if we allow this to happen, their attorneys will (forgive my spelling) garnish our wages and we won't have anything to live on. Just what generally happens in this case? Will we have the option of making payments to the collector, or are we going to have to suffer as bad as they say?

 

[Ladynred]

First of all they can't garnish ANYTHING w/o first suing you and winning a judgment. That won't happen over night either.

You should be notified of the place and time of the auction. You should also be notified of the results of the sale - how much it sold for plus a statement of any and all fees associated with it. They will demand the full balance - count on it, but that doesn't mean you can't negotiate a payment arrangement or settlement - just make sure you do it ALL in writing.