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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.

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โˆ™ 2004-07-17 03:33:32
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Q: 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?
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Related Questions

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.


How many payments can be missed on your auto before it can be repossess in OKLAHOMA?

That's dependent on the conditions of your loan. Realistically, they can legally repossess it after one payment is missed, if those terms are stated on the conditions of the loan.


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.


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.


In Florida can they repossess your truck after taking a payment?

They can if you did not comply with the terms of the loan.


When can a bank repossess someone's car?

When the owner defaults on the loan payments


Can you be on title but not on the loan?

car is in wifes and my name, she got a title loan unknowingly from the husband. She defaulted, can they take the car from the husband?


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.


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.


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.


Can they take income tax check if get repossession in Arizona?

They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.


Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.


Can you repossess a truck from a minor?

I'm pretty sure a minor couldn't get a loan


Can your loan company repossess your car if you are in arrears but are making payments?

Yes.


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.


How long does a company have to wait to repossess a vehicle?

This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.


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.


If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.


Can a title loan company repo a car that wasnot on the title loan agrement for nonpayment?

They can only repossess the vehicle which was on the loan agreement. Taking any other vehicle is theft.