Repossession
Banking
Commercial Bank and Checking Accounts

Can they repossess your car if your bank account is in the minus?

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2015-07-15 18:44:17
2015-07-15 18:44:17

To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????

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Related Questions


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.

Yes they can repossess everything that you got a loan for.

If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.

YES, as long as the car is collateral for a loan, they can repo it.

When the owner defaults on the loan payments

it is up to the bank to decide. Legally, as little as 1 cent.

I have NO IDEA, WHY look here if there is NO ANSERS

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

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

YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.

i know that one of the requirements is that the account has to be passed due for 60 days.

A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.

Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.

A dealer will never repossess, UNLESS they are also the financier. most dealerships sell the loan to a bank, whom you make payment to... this bank will be the "reposseser". Now, that's not to say that the bank will not notify local dealers to be on the lookout for a car they are actively chasing to repossess, but most of the time they will just come to your residence to serve the repo. I have never heard of a dealership doing so, because most banks have folks that can get your car by other means if they want it back bad enough.

if they believe that your unable to pay or can cause a damage to the car that will caused the vehicle to lose its value (wrecking it) even though if your up to date on payment they can have the car reposses under the conditions of DUI, going into default, strange account activity.

Can the police repossess your car? Can the police repossess your car?

The bank doesn't own the car. Unless you used it as an asset, or collateral for a loan from them, they should have no hold on that.

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

If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.

A "car dealership" CAN NOT legally repossess a car for any reason unless the are operating as a financial institution (bank/ Lien holder). And they had better be license as a bank if they are. (New York).

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.

Car auctions SELL repos for lenders and also pick them up from debtors. Is there any reason for a bank to "TRY" to repo a car??


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