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Can a bank seize a vehicle belonging to the debtor for money owed on a repossessed vehicle?
Wiki User
∙ 17y ago
Only if the vehicle was used as collateral to secure the loan/debt. If the issue is strictly credit card account default, the bank cannot arbitrarily cease the vehicle. However the bank can file suit against the debtor and if awarded a judgment execute the judgment as a lien against any of the debtor's real or personal property, including a vehicle.
Wiki User
∙ 14y ago
Wiki User
∙ 17y agoIf they have a judgment against you, yes. However, if they DO have a judgment against you, you should have been notified and it should be a matter of public record.
Wiki User
∙ 12y agoThat's why he has it secured to the property!
If your in Bankruptcy, that may be delayed, but you will either pay or surrender the property soon.
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If you live in the state of Georgia and there is a lien against your vehicle but no money is owed can they repossess the vehicle?
A lien means that money is owed on your vehicle. If there is no more money owed, then there is no longer a lien, and the vehicle cannot be repossessed.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Can you get your vehicle back after it has been repossessed?
Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:)
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
What does if mean if your vehicle could be repossessed?
It means the bank, or whoever loaned you the money for the car, will send people out to take it back.
Can your car be repossessed if there are children's safety seats in the vehicle?
Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.
What does debtor mean?
A debtor owes money.
Who is a debtor?
A debtor is someone who owes money to you.
Who is debtor?
A debtor is someone who owes money to you.
What is the difference between creditor and debtor?
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
