Debtfree Issue 202310 - DB
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many missed payments, there is a slight<br />
difference with vehicle finance compared to<br />
other forms of credit.<br />
When a consumer takes finance to pay off<br />
a car, the vehicle actually belongs to the<br />
bank during this time. Only once the total is<br />
repaid will the papers be signed over to the<br />
consumer.<br />
So, if a consumer defaults on debt repayments<br />
and somehow the debt prescribes, the credit<br />
provider would lose their right to collect the<br />
finance amount. What they would not lose is<br />
their right to repossess their vehicle which<br />
the consumer is simply driving around in.<br />
Just something to keep in mind should the<br />
situation ever arise.
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