Posted by Buzzman72 on September 14, 2010 at 20:15:48 from (74.129.194.33):
In Reply to: OT Car Repo posted by barn E on September 14, 2010 at 18:16:08:
The bank is going to sell the car at a wholesale auction. So COUNT ON the fact that the car will bring less money than what's owed on it. THEN they'll add "collection costs" and "administrative fees" to the charges, as well as any lawyers feew if they involved a lawyer.
Odds are, even after the car sells, sister will end up owing as much as if they didn't sell the car...and will have nothing to show for her money. Bankruptcy? With the way the bankruptcy laws have been restructured in recent years, she may not be off the hook even if she does file bankruptcy.
But don't hide the car; if she hasn't made the payments, she's legally in default, and the car no longer belongs to her. "Possession is 9/10 of the law" would no longer apply, if possession would make her a criminal...and make YOU an accessory.
I'm not a lawyer, and I don't play one on TV. But it sounds like the one you talked to probably won't be one for much longer either, if the bar association gets wind of the advice he gave you.
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