cdaugherty
New Member
My jurisdiction is: Florida
We are in the process of a voluntary repossession of one of our vehicles. The lender is attempting to force us into renegotiating the loan threatening that they will sue us and garnish wages if we don't comply. I am prepared to cooperate and come to an agreement but I want to make sure I know my rights and the consequences before entering into these negotiations.
I am basing my very vast knowledge *sarcasm* off 2 experiences I have seen with friends or family: My brother in law had a repossession that he did not cooperate with and did not comply with any requests or offer to negotiate and they sued him and garnished $100/wk from his pay.
My best friend voluntarily surrendered her car after a divorce they auctioned it and then they told her she owed the remaining balance and she told them she could pay $100/mth and they agreed with no further legal action.
I would obviously prefer the latter scenario. What are my rights if any? Can they garnish both my husband and my own wages (we are both on the loan) if we have a dependent child in our home? How do they determine the amount that is garnished?
PS - So you don't think we are total losers. We live in FL, I work in the housing market and my husband works in construction... unless you live under a rock you are aware of the vast opportunities in both our fields at this time *again with the sarcasm* It really has just come down to a matter of keeping our home or keeping this car (a V8 Expedition that between payment and gas is almost = to our mortgage payment) obviously the home is the choice as the Expedition, while quite roomy, just doesn't have the provide the comforts of home!
We are in the process of a voluntary repossession of one of our vehicles. The lender is attempting to force us into renegotiating the loan threatening that they will sue us and garnish wages if we don't comply. I am prepared to cooperate and come to an agreement but I want to make sure I know my rights and the consequences before entering into these negotiations.
I am basing my very vast knowledge *sarcasm* off 2 experiences I have seen with friends or family: My brother in law had a repossession that he did not cooperate with and did not comply with any requests or offer to negotiate and they sued him and garnished $100/wk from his pay.
My best friend voluntarily surrendered her car after a divorce they auctioned it and then they told her she owed the remaining balance and she told them she could pay $100/mth and they agreed with no further legal action.
I would obviously prefer the latter scenario. What are my rights if any? Can they garnish both my husband and my own wages (we are both on the loan) if we have a dependent child in our home? How do they determine the amount that is garnished?
PS - So you don't think we are total losers. We live in FL, I work in the housing market and my husband works in construction... unless you live under a rock you are aware of the vast opportunities in both our fields at this time *again with the sarcasm* It really has just come down to a matter of keeping our home or keeping this car (a V8 Expedition that between payment and gas is almost = to our mortgage payment) obviously the home is the choice as the Expedition, while quite roomy, just doesn't have the provide the comforts of home!
