Overhaulin'

Can my car be taken from me for a person loan I defaulte on. I owe the car loan plus the person loan?

I owe a car that I am still paying the loan company for. I got a personal loan that I need to put my car as colleteral. I defulted on the person loan and they sued me. Can they still come and take the car even thow they are the the 2nd lein company on the title. I owe more on the car then it is worth. So if they come and take the car they won't be able to pay off the car loan and personal. Please help me out. I live in Wisconsin I was told my the loan company that they will either take the car or they will garniss my wages. I would prefer to have the wages garnished, but not being at court I don't know my options.

Public Comments

1. Yes, they can sell it, but the first lien holder must be notified as well.
2. If I were you I would plan on losing the car either way. I don't know why the hell they would let you put a "second" on your car, but whatever. The first leinholder will be notified of the second leinholder's intent to take the vehicle and chances are that they will take it first. I don't even know if it is legal to put a car up for collateral that is technically owned by someone else!
3. If you put the car up as collateral, then they can get the car if you default. That's the definition of collateral.
4. I've gone through the same thing -- still a bit painful,here is the resource help me a lot.http://loan.goodhelper.info/bad-credit-student-loan.html