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If you can’t make the payments on your car, you risk having it repossessed.  The name on the car title is the bank already, so they own the car.  If you are making payments on time to them, you have the right to it, but until you make your last payment, the bank will still technically own the car.

Laws vary by state, but if you aren’t making your payment, the bank will repossess the car.  You should do whatever you can to avoid repossession. In most states, you will be notified of their intention to reposses the car.  You can then either do a voluntary, or involuntary repo.  The difference there is that if you bring the car in yourself, you will avoid some fees.  When the bank takes the car back, it doesn’t mean that you are free and clear of the old car.  They will likely sell it to try to pay off the remainder of your loan.  If it pays off the rest of the loan, you’re all good, but that doesn’t happen often.  Likely you will still be on the hook for the difference between what you owed, and what they sold the car for with the addition of any fees and fines.

If you’ve had a car repossesed, it is more difficult to get a loan on a new or used car, but there are plenty of lenders that will work with you.  You can fill out your information to get auto financing.

In: Other Vehicles Asked By: admin [ ]