Best Answer

Not IF you reaffirmed the loan with the creditor.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:39:49
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Can the bank repossess a vehicle even if the payments are current?
Write your answer...

Related Questions

Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?

The bank can repossess the car if payments are not made.

Can a bank take a car that some else as a lien on?

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

If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

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

When can a bank repossess someone's car?

When the owner defaults on the loan payments

If a person dies can you give car back to bank?

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

If you are current on your payments can the car dealership who sold you the car repo it or is the bank that is financing the vehicle the only one who can do that?

The bank/finance company. The dealer has already been paid for the vehicle

Can your car be repo'd by the dealer if you still owe on the downpayment even if your payments are on time to the bank my payoff on my trade was more then what i knew now they are charging me?

If the car is financed through a bank, the bank is the only agency with authority to repossess the vehicle. The dealer, once paid by the bank, no longer has any claim to the vehicle.

Can a bank still repossess your car if they said they would cancel it and you have made payment arrangements to get current?

If you continue to make payments as agreed, on time, you should be safe from repossession.

Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

If a bank does not hold the title to a vehicle and no bank lien is shown on the title can the bank repossess the car if payments are behind?

This is a rerun. IF someone is making paymnst, there is a security interest somewhere. Dont be fooled by the title and the leinholder part. They have a perfected lien on it. Good try, no candy for you.

Is it legal to repossess your work truck when you are self-employed?

Yes, if you are not making the payments the bank can repo your truck.

Can a collection agency repossess a car that a bank owns but you are making payments on to the bank?

carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?

How do you go about taking over another person's car payments?

I believe you need to go with the current owner of the vehicle to the current bank that the vehicle's current owners is an affiliate of. Best bet is to get with the other party and then try to get ahold of the bank and go from there. .

Is it legal for a co-signer to reposses the vehicle that is financed through a bank?

I don't think so. The co-signer is not the registered owner and has no claim to the vehicle. Only the bank or the loan company (which lends the buyer the money and holds the vehicle title until it's paid for) can repossess. The co-signer just guarantees the loan. If the buyer defaults, the bank will come after him to make payments.

Can a bank repossess a vehicle that is not used for collateral?

If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.

Can a bank suspend your license or registration for non payment on a truck?

Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.

Can the bank take your car at the dealer if it is in the process of repossession?

The bank can repossess their (not 'your' vehicle until you possess the pink slip) vehicle at any point where it's accessible to them, including places of business.

If you still owe a bank on a loan would you be able to transfer title to another state?

Sure. Just let the bank know where you're moving to and keep up the payments or they'll default the loan and repo the vehicle. (Repossess) That'll cause you serious credit problems and loss of vehicle that you still have to pay for. The bank will track the vehicle by the VIN (Vehicle Identification Number) and you'll end up with more headaches then the car is worth.

Can a bank repossess a car if they continue to take payments?

YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."

If you have hidden the car until the payments are current can they still repossess?

As long as the contract is in default, the lender can repossess the collateral. Which would mean no? correct?? If the payments have became current the loan would no longer be in default? I am I right or wrong? You are wrong if the bank has already sent you a "notice of right to cure default" demanding full payment of the loan. Then they may (probably will)consider all the caught-up payments as part of that full payment and you have not satisfied the default. I guess it depend what state you are in, because I know in MD you can have the right ot get the car back one time, by simply becoming current with your payments and any of the repo fees.

Who owns the vehicle the bank or the person?

In a loan where the vehicle is the collateral, it is registered, but if you do not keep up with your payments, the bank stakes their claim and reposseses it, so in a way, the bank owns it, and it is a rent-to-own vehicle.

Is it legal for a dealership to repossess a vehicle that was not financed only a bank error without letting you correct the problem?


You can't pay for the car but the company won't come get it?

The bank that you have the loan with hires repo men to repossess the vehicle

Can a bank repossess a vehicle that they are not on the title as a lien holder?

Yes, but I'm curious as to how they are not shown as the leinholder on that portion of the title. However, if you signed any type of debt instrument showing that vehicles description and VIN, then payments weren't made in accordance with the debt instrument they can, and will reposess said vehicle.

If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?

Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.