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Can a collector take a car with two owners?

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    #1

    Can a collector take a car with two owners?

    Hi,

    I'm going to buy a car worth about $900 in FL. From my understanding, Ch 7, a car up to $1000 worth is exempt. I haven't gotten to BK just yet.

    Right now, I need to make sure a collection's agency doesn't try to repo my new (old) car to auction off. I'm still not working and can't pay any debt. My mom is loaning me some cash to buy the cheap car.

    Anyway, I would like to put the car under my name, naturally. However, if I also include a co-owner, can they still take the car from under my nose?
    Tags: None
    #2
    Originally posted by JayJay View Post
    However, if I also include a co-owner, can they still take the car from under my nose?
    If you have a co-owner on the loan, then both of you and the lender all have a legal interest in the car.

    If you fall behind on the car loan payments and your co-owner can't/won't make up the late payments, then the bank has every legal right to repossess the car "from under your nose."
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      If you pay cash for the car you own it outright - none of your existing creditors would have any immediate claim to it. If you are sued and a judgment is entered, your creditors could have a lien put on the car, but that seems unlikely for a car of such little value. In a bankruptcy, the trustee could seize and have the car sold, but again, it is unlikely because of the value of the car in comparison to the state exemption.
      Scared to file. Scared not to file.

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        #4
        Awesome..

        Well the car is a mid 90's Ford that I am buying for $900. The paint on it is peeling and it needs a lot of things but it runs. So maybe I'll be OK. Sounds great to me. lol Maybe I should just keep it registered to myself and no one else.

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          #5
          Since it is 'worth' only $900 (its probably worth less, because you are only paying $900 for it) - it is within the exemption amount and the car is protected. JMO
          Filed CH 7 9/30/2008
          Discharged Jan 5, 2009! Closed Jan 18, 2009
          I am not an attorney. None of my advice is legal advice in any way..

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            #6
            BB - supposed somebody gets a judgment on you and wants to repo the car just to spite you - doesn't even care if they lose money on the deal - or sells the car for a lowball price. Is there any way to protect yourself?

            You know, angry ex-spouse, business partner, etc.? Not my situation, but curious.
            filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

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