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Can the bank repossess a vehicle even if the payments are current?

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2015-07-15 18:39:49
2015-07-15 18:39:49

Not IF you reaffirmed the loan with the creditor.

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Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

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Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

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When the owner defaults on the loan payments

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If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.


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