question about repo (first time) in texas Texas

[firsttimerepo]

long story so here goes. the fact of the matter is, i was very stupid for doing this but anyways this is my story.....bare with me. i got into trading vehicles too much, i mean way too much, getting myself further and further upside down every trade. anyways i had an 07 dodge diesel 4x4 megacab truck that i owed, (are ya'll sitting down?) $67,250 on. anyways after making the first $1183 a month payment i decided to let it go back. the truck was financed thru chrysler. i called them and told them that i voluntarily repoed this truck to the closest dodge dealer, and the they told me what all they could and would do to me. garnish wages, seize bank acounts, etc....so anyways while my credit is still good i went and purchased something i could afford. this has only happened about 2 months ago, and they really haven't started the phone calls yet. i was told that that dodge truck is only worth about 25k, so when they sell it at auction i guess they will come lookin for that 45k some odd dollars left on the balance. i spoke with an attorney and my banker, and they both told me that they cannot garnish my wages, or seize my bank account, but i keep reading horror stories about what all has happened to other people, and it makes me very nervous. what in the world can all i expect to happen?????? please advise on this, and i really appreciate any comments and advice on this issue. thanks again.

[firsttimerepo]

can anyone give any information on this, or have experienced repo before? just wondering what to expect.. thanks

[firsttimerepo]

anyone???????????????????????????????????????? please respond...thanks

[firsttimerepo]

help please........................lol. just want a few answers...thanks

[firsttimerepo]

please respond

[Kick Me]

The only way your wages can be garnished or a lien put on any property you own is IF the credit company takes you to court and wins a judgment against you. Then and only then can they collect the debt by force.

In the mean time go to this web site and learn all you can about fair debt collection practices.

http://www.ftc.gov/os/statutes/fdcpajump.shtm

Click on PDF file and it will down load the statues.

There are very specific laws that only allows certain procedures when attempting to collect a debt. Constantly calling and hounding you is against the law and you do not have to tolerate it. Nor is anyone allowed to threaten you with taking your property, unless of course it is the property you own the money on which you no longer possess anyway.

You may have to consider a bankruptcy if you they get a judgment against you for the full $45K residual.

Good luck to you.

KM

[firsttimerepo]

thanks so much for your info km. i really appreciate that. i will check out that website. thanks again.

[firsttimerepo]

any other comments would be greatly appreciated. thanks so much.