Can credit cards balance repo my car?
The short answer is no, they can’t take your car (legally). Their problem is that they don’t have clear title to your car. When you buy a car on credit, the bank or finance company holds the title to the car. Technically, they own it (or have the right to seize it) even though you keep it at your home and drive it every day. When you make the last payment, the title automatically reverts to you. Probably the only exception to this is the mechanic’s lien. Whenever you leave a car with a mechanic and authorize him to work on it, he has a lien on your car until you pay him for the work. Essentially, he has the right to “steal” it until your debt to him is paid. Your car can also be seized if you park it without authorization. But, you can easily get it back by paying the storage fee at the impound lot (usually a couple of hundred dollars or so). If you don’t pay to get it out for a long time (ususally at least 30 days), they can take title to your car and sell it to pay off the storage fe
