Bottom line: YES it can. Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms? When faced will something or nothing, most creditors are willing to work out something with you but are not bound by anything other than the terms of the contract. Although this point could be argued in a court of law. More input from FAQ Farmers: * If a person is sending or making payments of a lesser amount it doesn't mean the finance co 'accepts' these payments as acceptable. You would always want to discuss the situation with the finance co to see if the payment amount and dates being paid are acceptable. I work for a large finance co and we always try to work with the customer while they are trying to bring their account current. We won't repo a car if the customer is making the payments as discussed/agreed (which is always noted on an account) but if those payments aren't made or are late and we don't hear from the customer, there's a good chance repo is in process. Bottom line... the bank paid that car off for you, and they 'own it' until you pay them back. Work with them and they'll work with you.
You car can usually only be repossessed if you fail to make the payments to your finance company.
If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.
Contact finance company
It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.
Call your finance company.
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
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.
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
no, they will sue you for the balance owed after the sale
Yes, with the agreement of the finance company.