Car owner owes cash despite repossessionDear Terry, I am thinking of doing a voluntary repo on a leased vehicle. Payments and the fuel cost are just killing me. The company I leased the vehicle from is bankrupt and a bailiff company has taken over.If I do voluntary repo, can the bailiff company come after me for the difference in the sale? If I have no assets, what can they do? Can they garnish my wages, etc.? -- ParmDear Parm, The bailiff company that has taken over the leasing company's assets can and likely will try to collect any unpaid balance after it sells your vehicle at auction. If you have no assets, the company could possibly try to garnish your wages, but it may be satisfied with simply putting a black mark on your credit.Here are this week's reader questions:Spending $55 may save a driver's lifeHow can I ditch a budget-busting car payment?Is it too late to file a lemon-law complaint?Will I owe after my car is repossessed? advertisementRelated Links:Ford quietly challenging GMCan't make your car payment?National auto loan averagesRelated Articles:GM out with new ideasBuyer needs co-signerAuto loan ratesRelated articlesNew or used car?Monthly auto loan payment calculatorSign up for free Car and Money News
Dear Terry, I am thinking of doing a voluntary repo on a leased vehicle. Payments and the fuel cost are just killing me. The company I leased the vehicle from is bankrupt and a bailiff company has taken over.
If I do voluntary repo, can the bailiff company come after me for the difference in the sale? If I have no assets, what can they do? Can they garnish my wages, etc.? -- Parm
Dear Parm, The bailiff company that has taken over the leasing company's assets can and likely will try to collect any unpaid balance after it sells your vehicle at auction. If you have no assets, the company could possibly try to garnish your wages, but it may be satisfied with simply putting a black mark on your credit.