Is it legal if the bank repossessed my car and even though I’m willing to make the payments to get it back it won’t return it to me?
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Is it legal if the bank repossessed my car and even though I’m willing to make the payments to get it back it won’t return it to me?
The bank repossessed my car. I’m willing to make the payments to get it back but they will not return the car because there is no insurance. The car has been in the shop for the last 3 months. So yes I did drop insurance on the vehicle. Willing to put insurance back on the vehicle but the bank says that even if I do and even though I am willing to make the payments that I’ve missed, they will not give the car back. Can they legally do that?
Asked on March 17, 2017 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Yes, they can do this: once you have violated the terms of the loan and they have repossessed the car, it is their car--they do not need to let you redeem it. You could have corrected the situation up to when they repossessed it, by paying all amounts then due and complying with all terms of the financing, etc. agreement (e.g. having insurance). But once they go ahead and actually repossess, it's too late: they now own it, and do not need to give it back to you, even if you are now willing and able to fix the deficiencies.
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