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Yes. They repo and sell it for next to nothing. They sue in court and get a jugement that they use to put a lien on your house. Next time buy a cheap car just to get you there and back.
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∙ 15y ago
Anonymous
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You won a car and the lien was never paid off by the company can the bank repo it?
Unfortunately, it doesn't seem as though you really won a car. The lien just means that the bank has interest in the vehicle until the note is paid. Yes, they can repo the car if the not isn't paid.
Can the bank repo a car that has a mechanics lien on it without paying mechanic?
No, not in Oklahoma anyways.
What happens if you no longer have the car the bank is trying to repo?
The lender can sue you in court and obtain a judgment lien. It can use that lien to sieze any other property you have to satisfy your car debt.
Can the bank repo a car with a clear title?
No, if you own the car outright and there is no lien against it, no one can repo the car under normal circumstances. The only reason I could think of would be if you owed the bank money and they sued you, and the court made you put the car up as collateral.
Can a 2nd lien holder repo your car?
YES if you don't pay any lien holder,they can repo it until you meet their requirements
What does is mean to have a lien on ones property and tenets?
A lien is a security interest in the property. A lien might arise from a loan. If you buy a car with the bank's money the bank will put a lien on the car. If you don't pay the bank back, it can foreclose on its lien and take the car from you. If you have a roofer add a new roof to your house, and you don't pay him, the laws allow the roofer to put a lien on your house. The roofer now has a stake in the house. If you don't pay off the lien your house can be forcibly put up for sale in order to satisfy the lien. I believe "property and tenets" translates into modern speak as "property and belongings".
Can a dealership repo a car for not paying all downpayment?
A "car dealership" CAN NOT legally repossess a car for any reason unless the are operating as a financial institution (bank/ Lien holder). And they had better be license as a bank if they are. (New York).
If you are on the title as the lien holder can you go repo the car?
Yes.
Can you sell the car before they repo it if they are alraedy saying that they want to repo it?
No, the car has a lien on it. You cannot legally sell without a lien release from the lender. Be careful, you will get into serious trouble trying this. You can sell the car if the lender agrees but if they are trying to repo it i doubt they would agree to a sale at this point.
How long can a buy here pay here dealer hold your car after repo?
A car dealer can hold a repo as long as he is the lien holder on the title.
How do you find out who repossessed your car?
The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.
If you can't afford car payments anymore will they put a lien your my house?
Don't think so , unless you used your house for collateral when you bought the car. Generally they will repo (take it) it and you may be responsible for the remaining balance that is owed.
