It depends on the terms of the loan. If you signed it and it's in there, you are bound to those terms. Some loans specify 5 days late. That's a good reason to get loans from a small bank or a credit union.
They can if you did not comply with the terms of the loan.
Only if the two loans were "cross-collateralizied".
Yes.
Yes, if you are not making the payments the bank can repo your truck.
I'm pretty sure a minor couldn't get a loan
Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
The bank doesn't need to sue. If the truck loan isn't paid the bank can/will repossess the truck.
There is no licensing requirements to repossess cars in Arizona. The truck has to pass DPS inspection but that is it. So buy a truck and happy hunting.
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No. They can only repossess the power unit they were sent to repossess - they cannot take the trailer. At that point, it's theft. Especially if it's loaded.
i cannot afford my truck payment can i sell it 2 dealer and get cheaper car