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Repossession
Debt Collection

Can a bank repossess if you are making the agreed upon partial payments?

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2010-09-22 03:14:58
2010-09-22 03:14:58

They can repo anytime you are in DEFAULT of the contract.

2010-09-21: Also, in addition to the answer: While the bank can reposses when the repo clause comes into play, I don't know of any instance that once a bank agreed upon partial payments, they reneged and repo'd the vehicle anyway. Remember: they'd rather have the money than the car. If it comes to haveing it repo'd through a repo company, the bank would still rather have their money than share it with a repo company. The person at the bank that you speak to is being watched by the bank manager, etc., blah blah, and he or she would rather keep good information on the books. He or she, as far as my experience, will help you in your situation.

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Only if you stopped making payments and are behind on your on your payments.

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Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.

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Unless you are listed on the TITLE as co-owner, NO.

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YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."


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