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Auto Loans and Financing
Repossession
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Can they repossess your car the day after they receive a partial payment?

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Wiki User
2015-07-15 18:30:43
2015-07-15 18:30:43

As long as you are in DEFAULT of the contract, the lender can repo the collateral.

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Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.

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A dealership can only repossess your car if you do not pay in accordance with the sale agreement. If you did not pay the agreed down payment, the car may be repossessed.

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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.

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Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.

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Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.Yes. He does not have to accept a partial payment.


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