What happens when you are unemployed and the bank wants to repossess your car?


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2005-09-27 17:53:44
2005-09-27 17:53:44

They send a collection co. out who picks up your vehicle. Not sure if the point of this question is to find out if it is fair for them to take you car while you are in a financially bad position. The fact of the matter is everyone will run into situations at times that will not allow them to make payments on loans they have promised to pay. Most loan officers have programs in place to assist in these "short term" times of need. Ask your bank to defer a payment or two. There is often other things like making half payments for a period of time. Running and hiding and not returning their calls is what causes me to come to your house and take you car. It's a human reaction that people need to be educated against. Sorry to hear your out of work. Another job will come along and in time you will get back on your feet. Just stay in constant contact with all your bill collectors. Let them know your situation and ask them to work with you. If they refuse then I would suggest as soon as you can refi with someone else with half a brain.


Related Questions

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.

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.

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed

it is up to the bank to decide. Legally, as little as 1 cent.

When the owner defaults on the loan payments

Yes, if you are unemployed, it can definitely affect your bank account.

If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.

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.

Nothing. Just because a bank is legally entited to reposess a car doesn't mean they have to do so immediately. They can choose to wait and see, and reposess it later if you're still delinquent on the loan.

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.

If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.

The bank doesn't need to sue. If the truck loan isn't paid the bank can/will repossess the truck.

You will be reported to ALL 3 credit agencies, and reported to chexsystems. You will most likely be unable to open any new loans or bank accounts.. including savings accounts, debit cards, credit cards, etc.

A dealer will never repossess, UNLESS they are also the financier. most dealerships sell the loan to a bank, whom you make payment to... this bank will be the "reposseser". Now, that's not to say that the bank will not notify local dealers to be on the lookout for a car they are actively chasing to repossess, but most of the time they will just come to your residence to serve the repo. I have never heard of a dealership doing so, because most banks have folks that can get your car by other means if they want it back bad enough.

Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.

A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.

Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.

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