The lender will eventually repossess the car.
Hey Hun, if you do not make the payments they will come to repossess your car.
I wouldn't see why not if there not living up to there end of the deal and its still in your name then its still your car.
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.
Yes, it is your car.
No, they'd repossess your car.
When the owner defaults on the loan payments
Only if you stopped making payments and are behind on your on your payments.
Basically repossession is controlled under Federal Law, which says "If owner of the car misses continuous payments, the loaner has the right to repossess the Vehicle and wait for the payments to be caught up, or to resell it".
Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.
If a car dealership has a lean on your car and you have not made the required payments they may repossess your car.
i think so:D
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.
No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.
Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.
I assume you took over the payments after the other owner missed payments. If you are caught up on all the payments then there would be no reason for them to repossess the vehicle. You need to contact the lender ASAP to make sure everything is fine. Failure to contact the lender may create a bad situation.
Until the LENDER cancels the repo order with the repo company, you are fair game.
Nothing I believe they only repossess your car if your a month or more off on your payments
Sure, you just lose the car.
If you continue to make payments as agreed, on time, you should be safe from repossession.