HomeCan a car be repossessed if it is used for colaterial and the title was never turned over to the financial lender?
Wiki User
2011-09-12 14:38:39
2011-09-12 14:38:39
turning over the title is NOT the only way to record a lien on your car. IF the lender did it correctly, YES, it can be repoed.
Related Questions
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
It might not have been turned in. If not, consider yourself fortunate.
Not Likely as you will probably be turned down for financial aid as well.
Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim or lien against other things you own, or wages you earn, to get full recovery.
It would look better on your record (For future loans) if you turned in the RV voluntarily.
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