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

Answer 1

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.

Answer 2

While the people who work for the lender who gave you the loan on your vehicle may empathize with your unemplyment situation, the lender does not. They want the money you contracted to pay them for the vehicle. Failing to pay them, they want the car so they can have it sold and pay off part of the loan you owe. When we borrow money, we are gambling that we will be able to pay it back. Sometimes we win, sometimes we lose. It is what it is.

There is no law prohibiting repossession because you are unemployed. Unemployment is the primary reason for repossession.