if i make only half my car payment can the car be repossessed?

Answer 1

The repossion process is in general the same for most major lenders. Some varience related to details may vary.
There is some point where technically you are in default and they can reposses your car at any time, or demand the loan be paid in full.
If you are 1/2 a payment 30 days past due, then most likely your car will not be repossed. I would say to communicate with the lender on what is going on.
If you make 1/2 the payment each month, at some point you will have an amount that is over 90 days delinquent, the loan then would be at risk of default and then attempted repossession.

Answer 2

If you're having financial difficulties and can only afford to make half a car payment, you might be able to speak with the folks who have loaned you the money, and maybe they will make a temporary arrangement for you to pay half until you get back on your feet. There is no guarantee that they will be willing to do this, but it's just a suggestion. However, do speak to them first, and don't just make a half payment, thinking it will be sufficient. Usually a creditor will not repossess a car, if an honest attempt is made to solve a temporary financial problem. Repossession is usually the result of non payments, or refusing to request some kind of adjustment.

Answer 3

Yes. But these days the loan companies are going to try to keep loans active as much as they can. Call your loan company, explain your situation, and make ask to make a "payment arrangement" until you can get caught up. Make sure the reason that you can't pay in full isn't because your wasted your money on something else. But if you don't make the effort to contact them, they may take any action, including demanding full payment for the rest of the loan.

Answer 4

Maybe, but usually the companies are willing to work with you.

Take the initiative, call up the company & talk to a representative directly. If you do that, it usually helps quite a bit. Ask if they will put you on a revised payment plan, and they may do that. They want you to keep the car & make the payments, as much as you do!

Answer 5

in case you're no longer satisfying your element of the contract which says to pay a definite volume each and each month, the financial enterprise can legally repossess the collateral that become used for the interior maximum loan (to that end, the vehicle). Your partial value does not fulfill your element of the deal. Be arranged to lose your vehicle. do no longer shop something powerful in it. they'll repossess it.

Answer 6

Communicate with the lender about this. They might allow you to make a partial payment for one month only, but then again, they may reject anything but the entire payment. Go to the lender and explain your situation and find out first hand what is allowable.

Answer 7

If you don't hide the car it will, park it in the most god forsaken place and cover the VIN number, put the emergency brake on and get the thing that goes on your steering wheel, or you could use the money that you pay for these parts for your car payment...

Answer 8

if you,ll call the bank and explain to them what your doing it wont,i know i did it before if not after a while they will re-po it,most of the time if you,ll call the bank when your going to be late or have to skip a payment they wont do anything,what makes banks take cars is people hide from them and not make payments,talk to them about it and you,ll see it works a lot better,good luck.

Answer 9

The finance company is only happy if you cover the amount owed to them (The Interest) each month.
By paying less on the principal, you will owe them interest for a longer period of time, so they'll probably be OK with it, but you should ask first.

Answer 10

Yes