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If you owe a debt to the bank and they take you to court in order to recover the debt then the court may issue a judgment against you in favour of the bank which entitles the bank to cease you vehicle and to sell it in order for your debt to be paid to them but if the courts award a judgment lien then the bank has the right to seize your vehicle and to retain it in their possession until you have cleared the debt to which owe them whereas upon the debt being paid in full your vehicle shall be returned to you.
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∙ 12y ago
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If a bank dose not have a lien on the car title do you have to give the car back or just keep paying for it?
the bank has tofile papers with dmv to see if it was done wrong and if so the dmv will void the original title and issue the bank another title with there name as lien holder then sell the car
What happens to your credit when you give a car back to the bank?
You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for, and the balance on the loan.
Does a clear car title mean not making payments on the car?
It means that when you go to buy the car from the seller that you can directly get the title from them, you don't have to wait until they mail it to you, after getting it back from the bank if they had a loan on it.
If you filed bankruptcy in Illinois and have not made a car payment this month but notified the bank of the bankruptcy will the car be repossessed or will you be notified to return it?
If you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the bank will want the car back. Usually they will try to get the car back shortly after your 1st court date when the court has oked your petition to go thru bankruptcy.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
How safe are online banks compared to going to an actual bank?
Online banking has its risks, but always its rewards. There is no traveling to the bank, waiting in line and possibly getting in a car accident on the way there or back. Usually, bank websites are extremely secure.
Can a dealership keep your car if they cannot approve financing?
They cannot keep the car you were attempting to trade. They can and will take back the car that they were trying to get you financed on. They would be in possesion of a contract for the sale of a vehicle for a certain amount. If that amount cannot be collected from you in cash or a bank in the form of a loan, then you are in default of payment.
How do i prevent getting shocked getting out of car?
keep a dryer sheet in your pocket
Must you carry insurance on a vehicle after it was repossed?
If the car is repossessed then that means the bank owns it. So if they own it and they have it, then no you do not need to pay for insurance on it unless you plan on getting it back.
Once the bank sells the car you are responsible for the balance due can the bank put a lien on your home if you don't pay that back?
ONLY after getting a judgment for the balance due can the lender persue any other legal options.
My car loan is in default due to nonpayment how do I get it out of default and keep my car?
pay your bill Paid 3 months back current payment due and bank has issued repo Who can help until can get caught up
If you sign a finance agreement and now the bank wont finance you do you have to give the car back?
You have to look at the papers that you sign with the car dealer. Typically they make you sign an agreement to bring the car back in the event that they can not get you financed. If they did not have you sign something, then they will probably hold the note themselves and then you have to pay the car dealer. But the short answer is yes, you can not keep the car if you can not pay for it.
