Best Answer

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.

User Avatar

Wiki User

โˆ™ 2005-09-27 17:53:44
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: What happens when you are unemployed and the bank wants to repossess your car?
Write your answer...
Related questions

Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?

The bank can repossess the car if payments are not made.

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.

When a bank repossess someones car?

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 can a bank repossess someones car?

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 can a bank repossess someone car?

when he has a credit

Can a bank repossess my car if I am making some sort of payment?

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.

Can a bank repossess a car who's registration is past due?


How much has to be owed for a bank to repossess a car?

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

If a person dies can you give car back to bank?

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

Bank account debt collection?

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

Can unemployment affect bank accounts?

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

Can the bank repossess your home when child is in full time education?


When can a bank repossess someone's car?

When the owner defaults on the loan payments

Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

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.

Can a bank take a car that some else as a lien on?

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.

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

Not IF you reaffirmed the loan with the creditor.

Can a bank repossess a motorcycle?

Yes, unless there is a another previous lien holder.

Does the bank have to notify you before they repossess your car?

I have NO IDEA, WHY look here if there is NO ANSERS

Can the bank repossess a car after 8 months of asking them to get it and no action from bank?

YES, as long as the car is collateral for a loan, they can repo it.

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 bank repossess a vehicle that is not used for collateral?

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

How soon will a bank repossess a home?

Banks can foreclose in as short as 90 calendar days.

If a persons owes on a truck and dies leaving no estate can the bank sue?

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

What happens when a car is to be repossessed and the bank doesn't repossess 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.

Can a bank repossess a car if taken to dealer for repair?

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.