Wednesday, March 25, 2015

Can a person get arrested if he or she don't pay for the car loan?

Can a person get arrested if he or she don't pay for the car loan?
When you get a loan you sign a legal document that states that you will make the arranged payments on time. There is usually a clause that states when payments are deemed late and how many payments can be missed before the loan is considered "default" and they own the vehicle, outright. The lender is then allowed to "repossess" their property by any means they choose (usually a towing agency). If you resist their efforts to reclaim their property (hide the car or incapacitate the vehicle) you are considered to be in possession of stolen property and subject to arrest.

No comments:

Post a Comment