If you take out a loan to buy a vehicle and you become unable to make the payments, then you run the risk of having your vehicle repossessed. In Ohio, borrowers can have their cars repossessed as soon as they default on their payment.Your loan agreement will spell out what counts as defaulting. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first. This article provides information regarding titles on vehicles and whether a lien is attached or cleared. The seasoned Ohio bankruptcy lawyers at Fesenmyer Cousino Weinzimmer in Columbus, Dayton and Cincinnati are ready to make your case an urgent priority. You might still owe the lender money in the form of a deficiency balance. You must keep all notices sent to you because any errors in the notices may give you a defense if you are sued for the balance due on the loan. Many financing contracts allow for a repossession if, in the opinion of the lender, you may not be able to make future payments. Several states allow for a vehicle to be repossessed the day you default on your vehicle loan with or without prior notice of the repossession.
