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.
If there is a loan against the car then the bank is on the title and they own the car, your name would be on the registration but not on the title, so yes they can repo it. If you have the actual title in hand then their is no loan on it and you own the car.
If you own your car, its an asset, probably
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
The lender does not care who the vehicle is registered under as long as the loan is being paid for on the terms of the contract agreement. i.e- if the loan becomes delinquent they are going to be calling the person who signed the loan, not the person who has it registered, however- if a vehicle is financed it SHOULD be in the person or persons who have the loan.
Yes, IF the lender has a contract specifing the car as collateral for the loan. Once you use the car for collateral, all the titles in the world wont stop the repo if you default the loan.
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.
Does anyone know if your car is put in default what is the next step? Car I pay what is owed for the 3 months or does the full balance on the car have to be paid? Does anyone knoW?
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
yes, it is a default on a loan
The dolly needs to be registered, but the car does not.