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    passmeby's Avatar
    passmeby Posts: 473, Reputation: 11
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    #1

    Mar 29, 2009, 06:45 AM
    Can my only car be seized?
    I have defaulted student loans. I am in the process of buying a car and would like to know if it can be seized and auctioned. I am paying $600 for it, it's nothing special (obviously! ), it's just a hooptie. I'm just afraid when I title and register it, the gov will know about it and possibly seize it. I haven't had a car in my name for the past 7 years at least due to this fear. Anyone know?? Thanks
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #2

    Mar 29, 2009, 06:47 AM

    The government doesn't want your car. In theory it probably COULD... but its not going to happen.
    passmeby's Avatar
    passmeby Posts: 473, Reputation: 11
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    #3

    Mar 29, 2009, 07:01 AM

    Would the fact that this would be my ONLY car have any bearing on this, if they did decide to take some kind of action.
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #4

    Mar 29, 2009, 07:19 AM
    Quote Originally Posted by passmeby View Post
    Would the fact that this would be my ONLY car have any bearing on this, if they did decide to take some kind of action.
    No... but its not worth the effort to try to take a $600 car anyway. At best, they put a lien on it and make it impossible for you to sell it. But even that they won't do for a student loan.

    You'll never see a tax return again and your credit is going to be ugly... but that's about it.

    There are programs that will rehab your loan. I defaulted on my student loan years ago and when through a loan rehab program. It removed the default from my record and set me up and forgave some of the fees. You might be eligible for something like that. No idea where to start... they contacted me about it. Im just saying is possible.
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