Ohio  |  Credit and Debt Law

Legal Question

Asked on: 12/26/11, 1:29 pm

can a loan company take your car if you can,t pay your bill, the car is paid for but used

1 Answer

Answered on: 12/27/11, 8:38 am by Eric Willison

In Ohio, the Retail Installment Sales Act (RISA) covers the process of repossession of goods which are purchased on a payment plan. Your question is a bit confusing because it says the "car is paid for but used." If all payments have been made under the contract, then the loan company cannot repossess the vehicle. But the first part of your question seems to imply that you are behind on your payments.

RISA requires that the loan company send you notice of the repossession and give you a chance to redeem the car if you can bring it current (plus two future payments and part of the cost of the repossession) within 14 days. The loan company must also give you a chance to get your possessions out of the car even if you can't bring the loan current.

This response given is not intended to create, nor does it create an ongoing duty to respond to questions. This response does not form an attorney-client relationship. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response may change. Attorney is licensed to practice law only in the State of Ohio. Responses are based solely on Ohio law unless stated otherwise.

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Law Office of Eric E. Willison 625 City Park Avenue Columbus, OH 43206

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