Although I am not a professional of any sort when it comes to financial issues I can say that when you purchase a large ticket item such as a car you are usually given a monthly payment if the car is financed through a bank or any other lending option. When you sign all your paperwork they explain to the buyer what the interest rate will be on the loan amount at the time of purchase. I am not sure I have heard of a car buying option where the payment for the principal balance of the loan is made separate from the interest but if that is the case I think they have every legal right to take the car back if you are not holding up your end of the bargain. Although you did make all of your contractual payments, interest is indeed part of the contract you signed when purchasing the car. Banks do not usually give loans for free. They are offering you a service when they lend you a large amount of money to purchase a car or a home and in return you are required by law to pay the pre agreed fees. Until the loan is paid in full including interest the car is not legally yours and they will not release the pink slip until it is paid in full.
Only if you stopped making payments and are behind on your on your payments.
Repossess it
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
Yes, they will repossess if you have only one payment left.
No, but the finance company can.
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
They can repossess with any amount owed if unpaid.
If the finance company has been paid in full, then why would the dealership (or the finance company) want to repossess your car? If the loan hasn't been repaid and is long overdue, then the dealer and finance company will probably decide who actually repossesses the car. Either way, it's up to them, not you. Best thing to do is check the fine print in your loan agreement (which you signed when you bought the car) and see what it says about overdue payments, repossession, etc. If you've lost it, call your dealer and ask for a copy.
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
Someone has the car and the finance company has a lien on it. Any sale would have been fraudulent.
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
Maybe