Depending on your state, the LENDER can get a JUDGEMENT and attach your "paid for" car(or anything else of value in your name) so when you sell it, they will get paid first.
If you have not paid your loan, your vehicle is repossessed. If your vehicle is parked illegally, such as in front of a driveway or in a no parking zone, it is impounded. In both cases, a police report should have been turned in to the local police department. With an impounded vehicle you generally have a parking ticket, a towing fee, and a storage fee. All three must be paid before you get your vehicle back. Next time walk an extra block.
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
Yes & No. You still have to have liability coverage, which is the lowest type of car insurance, if you plan on driving another person's vehicle. Because, several years ago, I drove my friend's vehicle and the brakes went out and I rear-ended another vehicle. My friend did not have insurance on his vehicle, so my license was suspended for three months for no insurance. I advised the DMV that the vehicle wasn't mine! But, they told me that it doesn't matter! I should have had liability insurance anyways, if I was planning on driving someone Else's vehicle!
If this car has never been repossessed after eight years, it has still been charged off as a bad debt and will remain on your credit report. Lenders can follow you for the deficency balance as long as they wish to refile it. If it had been repo'd, usually after seven years it is dropped from your credit report if there was no unpaid balance. You will have a hard time getting another vehicle financed in your name. Get a copy of your credit report from the three majors, and see how it looks. You would have been wiser to surrender the vehicle and take your knocks early rather than hiding it.
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