Yes, It is called a Mechanics Lien
It might be possible. Depends on the company and their agreement with the finance company.
(A): "Can you sue the repo man if he takes your truck after you filed bankruptcy?" (B): The answer is "No". The truck is the property of the dealer, or finance company, until your final payment to them is made, and the receiver in bankruptcy may not seize property of which title belongs to a second party (dealer or finance company). Chris
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
In Tennessee, a truck or car finance company can hire a repossession company to take your vehicle if you do not make payments and are in default. They are not able to break into a locked garage to take your vehicle and they cannot forcibly remove a person from behind the wheel of the car.
If the company has grounds for repossessing it, yes. Just because you're not using it doesn't mean you don't pay for it.
Yes, the truck belongs to the bank or finance company, not your personal items in it. Don't wait too long, things have a way of disappearing from vehicles and you have no way of proving something was in there.
We signed the papers to finance a truck for my son. If I remember correctly, it was registered in his name, but we paid the bill. It has been a long time ago.
Depends on their specific job function and the nature of their company. Tools would be in demand more for a small fleet which expects their drivers to do some maintenance and repairs on the truck, for example.
Truck mechanics make many repairs to trucks, depends on the location.
Call the finance company and say you are going into bankruptcy and would they like to pickup the truck. don't sign anything.
The loan application would include a section where prior liens must be disclosed. It would be fraud if the borrower did not disclose the prior lien.
The owner of the truck would be liable.