Creditor has no obligation to repossess your car  Q. I have
stopped paying my car note. The debt has been turned over to a
collection agency. The collection agency is now threatening to
sue me for the full amount I owe. I told them to come and get
the car, but they refused. Do they have to take the car back
when I don’t pay?  A. A creditor or debt collector is not
required to repossess a car if you do not pay. The collector may
have the “right” to repossess but no obligation to take the car,
even if you offer to return it. For example, if the cost of the
repossession is greater than the value of the car, the lender
usually will not take the car. As a general rule, a party will
repossess the car only when repossessing the car will have some
economic benefit. I also should point out that even if the car
is returned, you still might owe a substantial amount of money.
After the car is repossessed, it will be sold and the proceeds
will be applied to the debt. If the car is not sold for enough
to cover the debt, yo