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Can a car from a separate loan be repossessed if you default on another car loan?
Wiki User
∙ 14y ago
Not as such. The bank can assess your property and sue you for the amount left over after the sale of your repossed automobile.
If you owe less than the car is worth(in the case of the non repo'd car) the court can force you to sell it and surrender the equity from the sale.
If that car is your only car left, some states will consider this primary transportation, and not allow it, however.
Wiki User
∙ 14y ago
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Can a car be repossessed in California without a lien being placed on the title?
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
Can your car be repossessed if you only owe 5000.00 on a 26000.00 loan?
Yes, it's called default.
If you recently purchased a car and got fired a couple days later can your car be repossessed?
Your vcar can be repoed anytime your loan is in DEFAULT. Regardless of the cause for being in default.
What happens if you default on car loan in divorce?
The car will most likely be repossessed unless you make up the missing payments and penalties.
Can your car be repo'ed if you have the title?
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
Can you object to a repossession before car is taken?
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
Can a loan company in California have your car repossessed if you haven't been able to carry car insurance?
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
What is loan default?
If you don't pay a loan when due, you default on the loan.
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
Can your utility trailer be repossessed with your equipment inside if you are current on your payments but you owe them a personal loan?
The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!
If there are two owners on a auto title and only one signs for a auto title loan and dies is the other person responsible for paying balance of loan?
The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.
