After a couple of months they can and will
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
As many as your finance agreement specifies.
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
How much down and what are your monthly payments
depends on monthly payments and the current interest rates
It means that you have to make monthly payments on your house.
Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon when the initial loan was signed by the buyer.The lender is entitled to recover their property by most any means. And is is their right to resell that car to anyone they choose in order to recoup their losses after not being paid by the original buyer.Miss a payment, lose the car ... simple business. After all, they have your signature on a document that states you promise to make monthly payments or face the consequences.
If you did not give him the title, all you need to do is go get the car (hope you kept the spare key). If you did sign the title over to him with no documented agreement concerning the payments, you have probably given your (ex)friend an expensive present.
You locate the car and remove it from the possession of the default debtor.
You have to make whatever payments are required as determined by the BK analysis, which should be lower than trying to make all your normal payments.
In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.
Monthy payments are payments you make every month, like a house payment, loan payment, water, electric, gas (for heating), phone, insurance if you pay monthly, etc.