then they take your car and repo it.
No it's not illegal to repossess a car outside the state. It is illegal to leave the state with the car that you have defaulted on the loan.
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
The estate has to resolve the loan, either through selling the car or returning it to the lender.
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
they take your car
Well yes.... The car in question is already collateral for the first loan.
That's illegal. Technically, if you 'borrow' money against your vehicle, the car becomes the property of the loan company until you've repaid the loan. If you sell the car before the loan is repaid, you're likely to land yourself in court !
The creditor reposseses the car, and you take the bus.
Car loan modification is one such option to avoid repossession of your car. So what happens here.... the service provider(loan modifier) studies your loan history and they directly deal with the lender and they modify your car loan .... meaning they help you in Reducing payments and keep your car, boat, SUV or truck.
You need to make arrangements to pay it off.