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If you have been thinking to yourself can I get a vehicle loan with very bad credit then you will be pleased to know that you can. They are simple to receive, but once you have you will need to be extremely careful since there are definitely rules and regulations that can come along with it.
Your autmobile may be sitting in your driveway and you're making monthly payments on it, but the real owner of your vehicle is the lender. If you look at the vehicles title, you'll see that the "lien holder" section contains the name and address of the car loan financing bank you borrowed money from in order to purchase this car. This means that until you make your final payment and receive the "release of lien" letter from the bank, that car parked in your driveway doesn't belong to you.
If you're having some financial stress or problems, especially if you financed your car with bad credit auto loans, it's important to keep the bank informed about your situation and any changes that may take place. Otherwise, you could end up having to return your car to the dealership that offered you poor credit auto loans and could have even worse credit than you started with. The best thing to do in this situation is to call the company your lien is through and explain the problems you are having and see if you can set up special payment arrangements. Depending on the way your contract is worded, the bank could have the right to repossess your car even if the payment is one day late, so make sure you contact them before your payment is due.
In regards to repossessions and bad credit car loans, an involuntary repossession means that the bank ended up sending someone out to seize your car. In the case of a voluntary repossession, you can return the car yourself which may enable you to avoid certain fees the lender would've charged to hire someone to seize your vehicle. Keep in mind though, that even if you do return your car to the dealership yourself, the effect is the same and a voluntary repossession won't look any better on your credit report than an involuntary one does.
With repossessions and very bad credit car loans, once your vehicle has been repossessed, depending on the state in which you live, the bank has to notify you with the number of days you have until the vehicle is resold. During this time, it may be possible for you to buy back the vehicle for the balance owed, plus any expenses incurred by the bank. You may also be able to reinstate the loan by paying the amount you are delinquent, plus expenses, but it's entirely up to the lender and the way that the contract was drawn up.
Under the terms of most repossessions involving car loans for people with very bad credit, if the bank sells the vehicle for more than the amount owed, plus any expenses, you're entitled to the difference. If the vehicle sells at the auction for less than the contract balance, the bank has a right to go to court and seek a judgment against you for the balance of the loan. This forces many people with a repo to file a chapter 13 bankruptcy. Believe it or not there are chapter 13 auto lenders.
The final point to all of this is that if you're having problems paying your car loan financing, you should do all that you can to avoid repossession. You can start by calling the bank and explaining your situation to them. Remember that any repossession is a stain on your credit history and can prevent you from getting a car loan - any type of car loan, from any type of legitimate lender - for at least a year.