can the bank repo the bike?
2007-04-12 08:19:52 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
It depends on if the bike is the security for the card. If you have the "pink slip"(title) to the the bike, then it was unsecured. If there is a leinholder on the title then it was secured and they can take the bike if you don't pay.
If it is unsecured they can not take the bike, but they can still come after you for the debt. However, in the case you try to declare bankrutcy the courts will make you turn the bike in. If you don't give the bike back at that time they will disallow that creditor and you will still owe them.
2007-04-12 10:20:56 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
Yamaha Credit Card
2016-11-01 09:08:59 · answer #2 · answered by lawver 4 · 0⤊ 0⤋
The bank repo's the bike. Your credit rating goes belly up. You get hounded for the money owed for years. You'll have trouble getting a job (because of the credit rating). Forget about getting a car loan for the next 7 years. You'll pay a lot more each month for a mortgage, if you can get one.
2007-04-12 08:37:13 · answer #3 · answered by squeezie_1999 7 · 0⤊ 0⤋
Sure they can if the bike was used a collateral for the loan.
Even if it was not, they can still take you to court, get a judgment and then take the bike.
It's a lot better to pay your bills.
2007-04-12 08:37:11 · answer #4 · answered by ? 7 · 0⤊ 1⤋
Duh! Your credit rating will dive, and you also risk higher payments on all credit cards, and even utility payments and stuff. Just sell the bike, or pay the bills.
2007-04-12 18:19:38 · answer #5 · answered by chaseunchase 4 · 0⤊ 0⤋
Read the agreement. I am willing to bet yes.
2007-04-12 08:23:02 · answer #6 · answered by Herbert C 1 · 0⤊ 1⤋
Probably..u should try to pay or return it :)
2007-04-12 08:29:51 · answer #7 · answered by Alex G 1 · 0⤊ 0⤋
Most probably.
2007-04-12 08:23:51 · answer #8 · answered by golgolbaat 3 · 0⤊ 1⤋