YES, you were in DEFAULT by NOT having your own coverage. READ the contract. YOU agreed to maintain your OWN comp. coverage tonprotect the collateral. You didnt. This is a common misconception that lender placed ins. is the same as comprehensive coverage by the debtor. Yes but that was a lousy way to do it. Did you honestly expect the lender to let you ride around in the collateral with NO ins.?? If you are sooo broke that you cant afford the ins., you surely cant afford the ticket for NOT HAVING IT. Or can you? Read the question he was already paying for the increase!!!
No. The lienholder is the only entity with a right to repossess.
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
No. To be able to repossess any of your property, they must hold a lien on it. If they have no lien on it, they have no right to repossess. Their only option is to take you to court.
Yes. A lienholder is the lawful and sole owner of that vehicle, and it doesn't matter where they repossess it from, so long as they do it in accordance with state laws for repossession.
When the owner defaults on the loan payments
No. The lienholder is the rightful owner of the vehicle, and can reclaim their property as needed.
When there are multiple liens on a car, it is possible for either lien holder to repossess it. However, one lien holder is normally in the first position and the other one is in the second position. The one with his name on the title is normally the one in the first position and is the one who gets paid first when a car is repossessed, no matter who does the actual repossession.
Yes. The lienholder is the rightful, legal owner of the vehicle, and can take possession of that vehicle anywhere.
The state doesn't repossess your car - private companies do that on behalf of the lienholder. They don't charge you for private property left in your car when they repossess it - that would be illegal. They charge a "storage fee" for the items they remove from your car. Underhanded, yes, but they can legally do it.