Then you still owe the bank.
You'll be ticketed for driving with an invalid registration and driving without insurance, and you still owe that money to the bank.
The bank must make payments of these items from the account on time, if you kept an escrow account with the bank and carried out regular deposits for the taxes and insurance payment. If the bank does not pay the insurance premium on time and the insurance policy is cancelled, the bank must either get in touch with the insurance company and make them reinstate the policy, or buy a policy with another company. Nevertheless, within this time you keep being liable for continuing the insurance payment through your escrow account.
Yes they can repossess everything that you got a loan for.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
when he has a credit
Absolutely! The insurance company should be sending the lien holder a copy of your policy and if you are not providing full coverage they will either repossess the car or purchase Lender's Single Interest Insurance (very expensive policies) and add the premium to your loan.
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
Wayne, Personally as a Repoman, I see 4-5 orders a month to pick up a vehicle that the bank has no proof of insurance on. I believe there is something in a car buying agreement that requires you to carry the insurance.
it is up to the bank to decide. Legally, as little as 1 cent.
As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.
When the owner defaults on the loan payments
If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.
Absolutely. There are other reasons other than a late payment for a bank to repossess your car. Cancelled insurance or a big drop in your FICO score. If you seem like a credit risk to your bank all they have to do is wait for you to become delinquent once and they have the legal right to default the loan and get the asset back. At that point they can refuse payment and keep the vehicle in most states. The only way is to pay off the full amount of the loan within 10 days.
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
Not IF you reaffirmed the loan with the creditor.
Yes, unless there is a another previous lien holder.
I have NO IDEA, WHY look here if there is NO ANSERS
YES, as long as the car is collateral for a loan, they can repo it.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Banks can foreclose in as short as 90 calendar days.