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Can a bank repossess a vehicle that is not used for collateral?
Wiki User
∙ 14y ago
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
Wiki User
∙ 14y ago
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If you have the title to your vehicle can the bank still repossess it?
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
If a creditor garnishes wages for debt can they take your car?
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
If they repossess your vehicle can anything happen to the other vehicles that you own in your name?
No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.
Collateral securities used in bank lending?
what are the types of collateral securities used in bank lending
Can a bank repossess a paid for car for other credit debt i own the car but i owe a lot of other debt?
The bank doesn't own the car. Unless you used it as an asset, or collateral for a loan from them, they should have no hold on that.
If you by a car from a used dealership and it gets repo'd do they serve papers?
When you fall behind on your payments from any place, the lienholder has a legal right to repossess the collateral, mainly the car or truck. They can be nice and warn you, or not. The only papers they may serve is the order to repossess. Most recovery agents (repo people) prefer not to tangle with a debtor and take the collateral when the debter doesn't show up. As long as they call it into the police to protect themselves and they have an order to repossess the goods from the bank, that's it.
Is a collateral loan considered a repossession if you don't pay it back?
Failure to repay a loan which has been secured by means of collateral may result in the seizure of that collateral. This would constitute repossession only if that collateral was something that you had purchased with the borrowed money. It could be something entirely different, though. Any valuable possession can be used as collateral, if the bank agrees. If it is, let us say, a piece of jewelry that you had inherited from your grandmother, it would be something that the bank had never previously possessed or financed, hence, the seizure would not technically be a repossession. You can only repossess what you previously possessed.
Can a lien on car you perchused full in cash but dealer has a lien on the car still be reposessed?
If you purchased the car in full with cash then there shouldn't be a lien. Look at your paperwork to make sure it says "Paid In Full" if it does the dealer has no right to repossess a paid in full vehicle. A lien is where you are making payments for a vehicle and the vehicle is being used a collateral until the vehicle is paid off.
Can you repossess a vehicle from your son if his name is on the loan and registration He has only made four payments in two years and you continue to make the payments to keep your credit in line?
It will depend on a number of things you did not mention 1) the state 2) the type of loan ( is the vechile used as the collateral on the credit line) If you are uo to date contact the bank. Let them know what is going on and they may ( again, depending on the state) pick up the vehicle for you, at a nominal charge.
Can a bank repossess a car if it is used in a crime?
I know the police can confiscate vehicles used in crimes. And if there is a clause in the loan agreement saying they can foreclose if the vehicle is used for criminal activity, I'm sure they can, but am not sure what constitutes proof, or if they even have such clauses.
Does the lender have to have a lien on the title to repossess?
No, they just have to have proof you borrowed money and used the car a collateral for the loan. The contract you signed promising to pay them back is that proof.
Can a used car dealer repossess a car that is not in delequent of payment?
No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.
