Once a creditor obtains a court judgment it can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in.
Input from FAQ Farmers:
There's one asset they probably CAN get. If you have any deposits in the same bank - checking, savings, or CD's - you probably signed a paper that said they could "offset" the loan with these assets. It's legal in all states that I know about and quite easy for the bank to collect. Of course, if you can't make the monthly payments, you probably don't have the payoff amount in your checking account either.
After your car is repossessed the bank can seek a court judgment against you for any balance still owed on the loan after the bank sells the car. If you trashed a new vehicle you may still owe a large balance after the car is sold. If successful in court, the lender can record the judgment lien in the land records and you cannot sell or refinance your property until the lien is paid. In states that have homestead protection the creditor cannot force the sale of your home to satisfy the debt. However, it can keep the lien on the property and get paid if you sell or refinance.
Our company that refinanced the vehicle is threatning to garnish wages and garnish our other vehicle (of which is paid for) and other assets.
A repo man is hired by the bank to collect an asset a loan is secured by. It is the only thing that they are allowed to touch, also anything that belongs to you inside the vehicle is still yours and you are entitled to it. Anything that you have installed on the vehicle however does not.
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.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
The bank can repossess the car if payments are not made.
Not IF you reaffirmed the loan with the creditor.
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
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.
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.
The bank that you have the loan with hires repo men to repossess the vehicle
Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.
Yes they can repossess everything that you got a loan for.
Read your contract. Likely the answer is YES. As long as you are in DEFAULT, they can repo.
The average price a bank pays to repossess a vehicle is anywhere from 200.00 to 400.00. The actual price will vary depending on the company and location of the car.
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.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
when he has a credit
Loan assets and investment assets are the primary assets of a commercial bank. Deposits and borrowing are liabilities also known as claims to a commercial bank.
Only if the vehicle was used as collateral to secure the loan/debt. If the issue is strictly credit card account default, the bank cannot arbitrarily cease the vehicle. However the bank can file suit against the debtor and if awarded a judgment execute the judgment as a lien against any of the debtor's real or personal property, including a vehicle.
Bank assets are called rate sensitive assets. These bank assets are always subject to changes because of the interest rates.
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
Bank of America had total assets of $619.9 trillion in 2002