Paul, as long as there is a lien on the car, it CAN be repossessed. It is up to the lender whether they want to repo or not. Some will, some wont. Your lender can seel the loan to another co. at a discount and the new lender could decide to repo. Good Luck
YES THEY CAN...But do they??? It depends.
There are situations when a person buys a brand new car and does not maintain it properly. Or the car begins to wear a couple yeasr into the agreement. There are situations where a person falls behind on payments because of hard times and certainly cant pay a car loan. Also they cant afford the maintainence on the car so the car breaks down bit by bit to the point its barely driveable or looks very little like the brand new car it was several years ago.
The repo people follow this guy and go to repossess the car and they look at it and call the finance company that hired them. The finance company decides they dont want the car...its in such bad shape...they just want the money. Therefore in some instances they choose not to take the car.
That happened to me back in the late 90's. In 1995 I bought a brand new 95 Hyundai Exel with AC, CD, Cassette, Power Windows, Auto Trans, etc for 7500 dollars. I pail 2000 in cash and financed 5500 dollars. My payments were 135 a month for 5 years. I paid on time and sometimes a few weeks late all along. Once I hit 30 days past due and the phone rang 10 times a day it seemed. I paid up.
Then in June of 1998 I lost my full time job. I had a part time job still and could only find another part time job quickly. With 2 part time jobs I was unable to make ends meet. Plus my live in girlfriend who made over 75000 a year broke up with me and moved out after 4 years. So from May till December I made no car payments in 1998. My long distance phone service was disconnected. I was only having to pay 15 a month for local service. I got food stamps and free electric through public assistance and my church. Plus they also helped pay my rent. My credit cards were insured so I did not have that monthly debt but the intrest accrued on them.
I just refused to answer my phone when it rang and Unavailable appeared on my ID. In January I got a new job making the 30000 dollars a year I made at the job I lost. I then contacted Hyundai and they stated the entire 2000 dollar balance was due. I arranged to pay 150 a month till it was paid off.
They then asked if I made repairs to my car. I said NO I did not have money yet. They stated they went to repossess the car but chose not to because of the moderate body damage, bald tires, cracked windshield, broken headlights, and when they followed me to my home they noticed smoke coming out of my muffler and loud noises and failed inspection sticker. They stated for 150 a month they would not repossess the car as long as I kept paying even if I restored the car. I did fix the brakes, muffler, lights, windshield, air conditioner for about 1200 dollars totally a month later. I kept making payments until the loan was paid off in the Fall of 2000. By 2001 they removed the default on my 3 credit reports. In 2002 I bought another Hyundai this time an Elantra for 10000 with 200 dollar monthly payments. So far I have kept them up.
Still in my personal experience they did not repossess the car due to the poor condition it was in. They found that they could get no money for selling it I guess.
A lien holder on a car title or car loan just means that person is the full owner of the car. If your car gets totalled or goes into default, the lien holder can retrieve the car from you because they have full ownership of the car. Lien Holders are used for lending purposes. This means the lien holder has no liability responsibility. The registered person on the car is required to have liability coverage on the car according to law and not hold the lien holder liability on the car if the car gets damaged or totaled. Lien Holder means they fully own the vehicle until the loan is paid off.
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