If a loan company has your vehicle for collateral

If a loan company has your vehicle for collateral (2nd lein) and the car dealership has the 1st lein -- can the loan company repo the vehicle if I am behind on my payments??

3 Answers

Vote up!
4
Vote down!
-5

I am not behind on my car payment and the car dealership has the 1st lien.  A loan company has a 2nd lien and that is the company that I am behind payments with.  I have other collateral on the loan but the van of course is the biggest amount.

 


Vote up!
3
Vote down!
-4

I think the car dealer will get the first chance to repossess your car as he has the first lien. 


Vote up!
2
Vote down!
-3

 

Any lienholder can repossess your vehicle for non-payment.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

Write Your Answer

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
What is the sum of 1 and 10


Page loaded in 0.197 seconds.