The line to look at is whether there is a Lien on the title naming your bank. If so, even though your name may be on the title, it is not yours.
Certainly, especially if you signed an agreement. Ethically, you do not own the car if you have not paid for it and the creditor deserves to be paid. It sounds like you are trying to take advantage of the other party. Figure out your finances and pay up.
if the creditor's name is nowhere on the title,only your name,no one else. no liens. No one can legally take your car.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
Yes, you still owe the money if for some reason the creditor does not cash your check or has lost it. The creditor can request a new check.
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
If you have a written contract that is signed & noterised you have a very good chance.If it was a verbal contract with witnesses that will back you up, you have a good chance.If the car is still in your name you have a good chance.If you have none of the above, it will be very difficult.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
If a creditor refuses to give you payment address, you still owe them money. This might be frustrating but does not get you off the hook.