by Anonymous on December 2nd, 2005

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Can my car be repossessed if I am making the monthly payments, but haven't paid the down payment yet?

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by RedJohn on December 3rd, 2005
I am a little confused by this question. In my experience, a downpayment is always paid *before* you take possession of a vehicle. However...

The downpayment is paid to the person from whom you purchased the vehicle and the monthly payments are made to the lending agency that provided you with the loan. The person or company to whom you owe the downpayment can certainly repossess the vehicle if you don't pay them. If you have not made the downpayment, you probably do not legally own the vehicle, since the downpayment forms part of the sales contract. You are almost certainly violating the terms of the sales contract. If you do not pay the downpayment, the seller can take back the vehicle and you would still be required to make payments to the lender until the loan was paid in full.

Anyone you stiff in a sales contract can take legal action against you and put a black mark on your credit rating.
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Can my car be repossessed if I am making the monthly payments, but haven't paid the down payment yet?

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