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Things may differ state to state, but in MI the lien holder basically owns the vehicle. I have the title to my truck, but it's got a big stamp on it from the credit union. The right to repossess the vehicle is in the paperwork that was signed at the closing of the loan, which also lists the vehicle as collateral for the money that was borrowed. If you can't pay the money back they have the right to take the vehicle because it's worth roughly the same amount.
What else can I help you with?
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?
When the owner defaults on the loan payments
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.
Can a bank repossess a car who's registration is past due?
no
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.
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.
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 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.
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.
How do you use repossess in a sentence?
The bank's repossession of their house left the family with no place to live.
Can you misrepresent yourself to repossess someones car?
No, it is illegal to impersonate someone else in order to repossess a vehicle or another asset. For example: You can't tell the R/O of the vehicle that you're from the dealership and are going to detail the car on their behalf as part of a customer loyalty reward.
Can a bank report a car stolen if in default of payment?
YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
