0
Your contract may outline certain conditions that could still result in reposession, even if you're not late on your payments. For instance, the bank may require insurance coverage be maintained on the vehicle. Failure to do so could result in reposession. Read the fine print of your contract. If you can't find anything that helps you, contact a consumer rights attorney or bankruptcy attorney for a consult. They will most likely tell you the basics of what you need to know in your state for free.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a car be reposessed if the loan taken out on the car is much less than what the car is worth eg i have 7200 for a car and i only need about 2000 so if i default can my car be reposessed?
Yes.
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
How do you get a car loan to pay for your reposessed car?
Go to the individual banks, and credit unions, and talk to them.
After a car is voluntarily reposessed can a collection agency threaten legal action if they have accepted payment arrangements from one signer?
roosta Once the loan is in default, the lender can seek payment from ANY signors to the loan. After the car is sold, there is NO collateral for the loan except the ones who promised to pay . It is now time for them to pay.
Can a car get reposessed without consent?
Oh, but there is consent. When you signed for that car loan, or you agreed to let a lien be on that car, you consented.
How long does a loan company have to repossess your car in Maryland?
Legally, your car could be reposessed after one missed payment. The terms of your contract cover default. Most will not repo your car after just one missed payment, but they could. I would certainly suggest attempting to work something out with the bank.
Do you have to pay for the car loan if it is reposessed?
yes they will aucaution it off for pennys on the dollar and then they will sue you for the rest or garnish your wages
What if you pay 95 percent of your car loan and you stop paying Can it be repo?
Yes! Even if you've payed 99.999999...% your car will still be reposessed.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Can a car be reposessed if its under another persons name?
The car can not be under another's name legally. Cars with a loan must be in that person's name. If you bought a car that was not paid off and the loan was not cleared you bought the car and the loan. Yes, they can get the car. That is why they put liens in the car. It prevents anyone from buying the car!
Can they repossess your car if your living in it?
yes, it is a default on a loan
Are you in default of a car loan if the vehicle is not registered?
Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.
