Hi, I have a debt for 15k w/ Unicredit it used to be Citi which I work for. Citi sold it 3 years ago almost to the date. I bought a new car in Sept. because my old one had 207,000 miles on it. I needed a reliable car cause I work 50 miles away. So yes, new. I owe on a loan for that car 19k and gave only 500.00 down. The car loan is with Citi. Can Unicredit take my car that I still owe on, which will put the orig creditor Citi bank in debt? Well me, but I would have to default again as I will lose my job if they take my car. How can I argue this with the court? HELP!!

Whoever holds the note, Unicredit, Citi or whoever is the one that also holds the title and thus has the right to repossess if you default on the loan. In all likelihood Citi sold the note to Unicredit, so they now hold the lien, the title and collect the payments. They are the ones who'll sustain the loss if you default so they'll repossess the car to offset as much of the loss as possible. Then they'll attempt to collect from you the difference if they're unable to sell the car for enough to satisfy the loan. You won't have much argument to fall back on in court. If you are in fact in arrears to the point where you are being threatened with repossession then you're best bet may be to try and put together a payment plan which you can get Unicredit to agree to. If they won't and they insist on hauling you into court then re-present your proposal to the judge and see if (s)he'll compel Unicredit to accept it.

Hello visi:

So, you have a junked car in your back yard that you owe $15K on?? That's not good. How did you do that?? Even with HIGH interest rates, that's hard to do. I'd try to sell it, because if you let the bank sell it, the'll get less than you will and then you'll still owe the difference.

excon

This is unclear. You have a 15K debt that you defaulted on and are being sued over? Now you just bought a new car and are worried they will take it payment on the old debt?

Also you worked for Citi but defaulted on a loan with them and they didn't fire you?

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Originally Posted by visigoth

Can Unicredit take my car?

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If Unicredit bought Citi, your loan is now owned by, and owed to Unicredit. Period.
They probably have sent notices to inform about the buyout.

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Originally Posted by visigoth

How can I argue this with the court?

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Argue for what? If you are paying on the loan, they won't take the collateral.
You know you have this debt.
Just continue to pay and keep your receipts.