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Repossession

Can a finance company repossess your car when you lose your job?

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2012-05-11 02:26:29
2012-05-11 02:26:29

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

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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.


They can repossess with any amount owed if unpaid.


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.


Is it legal to? NoIs it possible to? NoThe finance company does not have possession of the vehicle so can do nothing with the paperwork on that vehicle until the do secure possess of it.


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, they can. The car, while the finance company holds a lien on it, is the property of the finance company. As the person who damaged the car and brought it in to be repaired, responsibility for the bill falls on you.



No, but depending on which state you live in your division of motor vehicles (or equivalent) can fine you hundreds of dollars for not having insurance.


Yes, they can. They can't finance you car if your car is a stolen car. When you put your car from a finance company, make sure that your car isn't stolen and bought it in a big car company.


No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.



Yes, if the car carries a GPS+GSM or some other combination of the GPS and communication device which make possible to send a current location data (on request or periodically) to the company to find it.


Not Fraud, but Grand Theft Auto. The car is the property of the Finance Company, until the loan has been paid off. Then, and only then is the title to the car passed to you.


You call the finance company and state your intent to them. Either they'll send a recovery agent to repossess it, or you might be able to take it to the repossessing agent.


If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.



They can litterally reposses your car 1 second after midnight the day after your payment is due.


No, the dealership cannot repossess your car for a downpayment. However, if there was a downpayment paid, and your check bounced, that's passing bad checks, which depending on the amount of the down payment, could be a felony. Read the fine print on your contract and you'll see that if the car is related to the commission of a felony, it puts you in default, which means the finance company can repossess your car. It's all in the fine print, but dealerships and finance companies are all in business to make money, and they pay people like myself very well to make sure their interests are covered. I'd suggest paying your downpayment.


If the dealer calls you after the car has been repossessed, then you should inform them that you no longer have the car. They can contact the finance company to verify the information.


two choices here. they have the VIN mixed up with yours OR they have purchased the loan contract from the original lender. Contact the lender and find out.


IF you can prove any "promise", call a local attorney for state specific advice. Chances are very good that they can repo as long as you are in DEFAULT.


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.


A finance company cannot repossess a car after the loan has been paid off for over a year. Send copies of the proof of payment to the finance company by certified mail. You may also need to clear up the matter with the credit reporting agencies.



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