what happens when the bank has sold the car and they want you to pay the differe

  1. profile image47
    isabel39posted 7 years ago

    what happens when the bank has sold the car and they want you to pay the difference?  Can they...

    put a lien on you?

  2. wychic profile image89
    wychicposted 7 years ago

    Yes, they can. For any outstanding debt, the bank has three options for repayment. First, they may levy your bank accounts, especially if they're in the same banking institution. If you're in the US, be aware that a levy generally goes into effect before you're notified -- you'll just go looking for your money one day and it won't be there -- and will be placed on all accounts in your name. They can do a lien, but since they already repossessed the vehicle that seems unlikely unless you have another vehicle or a house that they can lien...and generally it's not desired since it only affects the debtor if they want to sell the item that has the lien on it. Finally, they can file a judgment against you and have your wages garnished if you're a W-2 employee.

 
working