Can my bank repossess my car, if I am currently making payments?

Answers:3   |   LastUpdateAt:2012-10-11 01:37:03  

Asked at 2012-09-05 20:12:06
The financial institution that I have my car loan through ( in Ohio ) sent me a letter last week saying that if I can not pay a ridiculous amount for the entire current path, could retrieve my car . this was just a typed letter by my institution . I have been making payments to them every month. It is the total amount I should be paying , but I'm still making at least half of the payment or more each month . My last payment to them was a $ 80 payment in early April 2010. Is it legal for them to recover actuallyy my car , or to threaten seizure when they have received a payment to me in the past two weeks ?
Answer1WalesAnswered at 2012-09-19 18:21:02
Yes Just because you give them a couple of dollars does not mean they can not repo the car . And by the way , no payment is made just because you send them some money each month . His call for at least one reason.
Answer2FinchAnswered at 2012-10-05 05:14:12
If you are not fulfilling their part of the contract that says they pay a certain amount each month , the bank can legally take possession of the collateral for the loan was used ( in this case , the vehicle ) . MedlinePlus MedlinePlus Partial payment does not fulfill its part of the deal . MedlinePlus MedlinePlus Be prepared to lose your car . Do not leave anything of value in it . We will recover .
Answer3samualAnswered at 2012-10-11 01:36:42
Your car note you signed said it agreed to pay XX amount per month . MedlinePlus MedlinePlus If you do not pay the XX , is in breach of the note . MedlinePlus MedlinePlus If you default on the note, which can and will repo the car . MedlinePlus MedlinePlus Make a payment , any payment under the agreement will not prevent them note come to search the car , which is pure myth.
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