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I bought a car and made payments on it for two years before I sold it last year to a friend. He took over my car payments but the loan is still in my name. Since he’s had the car he has never made his payments on-time and sometimes I even had to pay a car note. I have to constantly remind him of the due date of the car payment like he is a child. He still won’t make the payment on the correct date. He just recently made up for two payments that I previously paid for him. To date he is a whole month late on his July car note and I have not recieved his August payment yet. Am I able to repossess the car back and just keep it for myself so that my credit will not be destroyed by his late payments? I know that I have always made regular payments when the car was with me and I don’t want the bank to come and repossess it and have that on my credit.
If I get the car back, will I be taking it illegally since he has made payments on it? And will he be able to take me to court for it?
Also, would I have to pay him back any payments that he made after I repossess it?

My mom co-signed for a car we purchased. I defaulted on the payment. I switched jobs and I had to change my bill due date and that’s when it all started. I had to pay late fees, and it just escalated. The bank ended up taking the car. I was reading on a few articles about car repossessions and I learned so much like tow fees, storage fees, and defiency loan I have to pay back. My mom still doesn’t know the car is gone, I am so scared to tell her. I am for sure that I owe money on the car when they sold it to the auction. I would just pay the difference but do you know if they accept payment arrangements? I am thinking of filing for bankruptcy, how will this affect the car loan and what happens to my moms credit? Will the bank put a lien on her properties? Please advise. Thank you.

My car loan is from a local used car dealership and the due date was today. After 30+ payments so far… I have never been late on a payment until today. Just 2 hours after the close of the dealership they came and repossessed my car. I live in North carolina by the way. My contract states that DEFAULT status doesn’t occur until 10 days after the due date if no payment has been made and no where else does it say otherwise. Was the dealership in the right to repo my car just 2 hours after the closing of their doors? There wasn’t even any warning they were coming either.
I’ve checked with 911 and it was reported to them as a repo. NC requires repo men to call in what they are repoing in case the vehicle is reported as stolen. That way the sheffifs dept. knows already that it isn’t stolen. The dealership is one of these buy here / pay here type places that actually isn’t in the car business anymore (but runs a different type of business now… computer repair to be exact) and I’m the last client they have who owes them money on a loan. I’m just trying to get a good heads up now because it’s too late to contact an attornery tonight and want to be a little better prepared for when i do call in the morning.
As far as other possible reasons for them to repo… full coverage insurance has been maintaned since day 1, no alterations or damages have been made to the car, no attempts to re-sell the car with or without their foreknowledge. In all honesty I believe these people did this out of spite due to the fact that I too run a computer repair business that is growing while there’s is dwindling. But an attoney’s paralegal said this morning… they didn’t have the right to repo so soon.