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

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.

 


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


 

Any lienholder can repossess your vehicle for non-payment.

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