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What happens if you unknowingly bought a car that had a loan on it and the loan is not paid off can they repossess the car?
Wiki User
∙ 19y ago
YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and get your money back while you have a chance.
Wiki User
∙ 19y ago
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What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
What happens if you have a clean title and loan is secured can finance company still repossess?
Maybe
What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
What happens to a loan if the holder dies and there is no insurance or estate?
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
You bought a car private in Scotland andthe previous owner did notclear the lan now l have a company wanting to repossess it?
i bought a car and the previous owner never paidthe loan off now thereis a company wanting to repossess thecar from me what can l do
Will the government repossess your home for student loan default?
No, they will not.
Can they repossess your car if your living in it?
yes, it is a default on a loan
If you have two car loans at one bank can the bank repossess both even?
Yes they can repossess everything that you got a loan for.
If they repossess your vehicle can anything happen to the other vehicles that you own in your name?
No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.
What happens to your auto loan when you stop paying on it for a long period of time?
You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
You just bought property and there is a mobile home on it the owner is deceased are you responsible for the mortgage loan and back payments?
Do you want the mobile home? If yes then you must pay. If not, then let the bank come and repossess it.
In Florida can they repossess your truck after taking a payment?
They can if you did not comply with the terms of the loan.
