Hi, all.
I live in NC. When I was 18 years old, I was naive and financed a car through Ford Motor Credit. The car was repossessed a few months later and a judgment was issued against me in 2007.
I recently financed a car (Sept 23rd, 2013).
Now, an execution thing was served to my mother (well, return unserved because I no longer live there) for the judgment. My mother notified me of this. I immediately called them and tried to discuss how to settle with them. The original amount was $5700. It is now over $10grand. The creditor spoke to me with such condescension, even though I was trying to be respectful and ask her my options. Apparently, the only option I had was paying it off in full. I am a college student and make very little money (I am a tutor through my school which pays me $250 a semester, lol). My school covers (through federal financial aid) housing, school, and transportation costs.
I gave them my correct address because I am not trying to run from them, however; I definitely do not have $10,000 in cash. She asked if I could borrow the money from someone or take out a personal loan to pay them back. I have a 620 credit score and was just in the process of rebuilding my credit. I told her that with my credit score, there was no way anyone would lend me that kind of money. She said she could submit a settlement offer for $5700, but it would have to be paid in a lump sum, again - I do not have that kind of cash.
She immediately referred to the car I just financed in September. I told her that my car was totaled (which is 100% true, of which I have proof) and that I need a vehicle to get to and from school (as well as to take my daughter to and from school), etc. I told her that it was a used car (2010 Toyota Corolla with 52k miles on it), not a new car, and that I owed more money on it than it is worth (which is true - it is worth about 11.5k and I owe 13k).
So, in NC, it states that purchases made in the last 90 days may not be exempt from execution. Since the car I financed is worth less than what I owe on it, can they seize it? I do not know if it means within 90 days of the judgment (which was in 07) or when the execution was filed (which was on the 23rd of Sept, apparently) or 90 days from when I am served (which has not occurred yet). I am not worried about my bank account, as I have just $240 in there and am going to close it on Monday. I also am going to exempt my school banking account that is used for financial aid refund, as I know they cannot seize federal aid funding for a car judgment. None of my personal belongings are worth that much (I have a computer, a TV, and an IPhone - those are the only things worth any value) and I rent. I am mainly worried about my car. However, I do not know if I should worry considering I owe so much money on it. I know this is not a legal advice forum, but I am hoping someone on here has had a similar experience. I really did try to work with them and told them I would enter into a contract to repay in monthly increments, even in sizable amounts on the $5700 (like $1000 down and 200-300 a month), however; they said that was *not* an option. Any advice would be appreciated. Please no mean comments. I have had a horrible week. :'(
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