It depends, if you did not have a security agreement on the loan, and if you didn�t file for a new title with your loan on it, you can�t enforce a repo (this is for Colorado, but it is similar for other states). It seems to be that you need to go to court, and prove to the court that you have a right to the car, depending on what is in that letter, and then the court can issue a repleven, which is a court order that can be enforced by law enforcement to get the car back. good luck.
When the owner defaults on the loan payments
Not IF you reaffirmed the loan with the creditor.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
That's dependent on the conditions of your loan. Realistically, they can legally repossess it after one payment is missed, if those terms are stated on the conditions of the loan.
Repossess or foreclose on the secured property if the agreement is in default.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
Banks will repossess boats when an individual fails to make payments on their loan. Notices will typically be sent out and those continue to be unanswered and unpaid then repossession will occur.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
If that loan company loaned you money and you used the car as collateral and failed to make payments on time, they can, and will repossess the car.
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.