Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What happens when a vehicle is voluntarily repossessed? Will my Navy spouse's wages be garnished? - I am unemployed. (I don't even know how I got a loan for a vehicle. I just started working at a club temporarily and I think the dealership put my husbands income as mine on the finance form and he knew someone who worked at the company that financed my truck, so I don't even know if that was a legal action to take, if it was illegal, would I get in trouble if I revealed this to the company who financed my vehicle?)
I can't afford the truck payments anymore and was told I could voluntarily repossess the vehicle.
I'm not worried about credit, I already know it will go down, but I don't want to go to court and be sued for the remainder of wages left after they sell the truck. And since I'm unemployed, but my husband works in the military, will they garnish his wages even though his name isn't on the truck?
I honestly can't afford to be sued and I don't want my hubby's wages taken away nor do I want him to get in trouble with his command or anything. I heard up to 25% of wages can be gone but I don't know if this is true and hope it isn't.
They also told me that they would need a promissory note they claimed they mailed to me. I didn't receive it yet. Will not having a promissory note help me in any way as well?
How does the process pretty much go?
I'm thinking of just filing for bankruptcy if I can't get a consolidation loan due to low credit. Wouldn't a vehicle repo and bankruptcy affect my credit for the same amount of time?
What typically happens in a voluntary repossession? I financed a Dodge Ram through a credit union. (Navy Federal Credit Union) Does that make any difference?
I just need as much info as possible on this matter. :/ -