Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.
No
It is not outside the realm of possibility; however, it would need to be a provision in the original sales contract. Since all of the US states require insurance of some sort on all vehicles, it is possible that a lender has written this in to the contract. It would protect their collateral in the event insurance lapsed.
Maybe, if you have the original, but, it is ultimately up to the bank.
Edit: They should replace it. Original: you win.
In most cases YES
It depends on whether both sides gave new consideration (something in exchange for something). If only one party did something different under the contract, then it is gratuitous and only the original contract is legitimate. If both parties offered something new to the contract then there is a new contract formed and the old contract is thrown out.
It may depend on your state. In Oklahoma, the vehicle (if not retrieved) will eventually be sold at auction, and the original contract holders (husband and wife in this case) will be responsible for any amount below "payoff".
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.
Main function of internet is for sharing information, connected different computer.
IF you knew the original lease date, you might be able to backtrack thru the UCC listings in TX. OR you may be able to track the VIN in the same place.
As soon as you are out of compliance with the original contract, the bank is allowed to protect their interest in accordance with the original agreement. If that means repo and sell the car and that's in accordance with the original agreement, they are no doubt obeying the law. Many banks will work with you, but nothing requires that they do so. In a few US states an letter of "Right To Cure" must be sent to the borrower before repossession can occur, in the majority of states a vehicle can be repossessed under UCC laws. Wisconsin is the only state that requires a replevin order.