According to relevant information, it is legal. Because as long as it is a private loan company with complete procedures and belongs to a formal loan company, it is legal to detain the mortgaged vehicle.
The car loan was overdue for 3 months and the guarantee company seized the car. I paid off my debts. Can I call the police if I don't return the car?
If the car loan is overdue, the guarantee company will find that the car can be seized and handed over, auction the car according to law, and repay the loan with the auction money of the car.
Therefore, if the lender fails to repay the loan within the time limit, the lender may request that the value of the vehicle be given priority and the vehicle be auctioned for sale.
If you have paid off your debts, you can find a guarantee company to change cars. If you don't return the car, you can call the police.
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Automobile mortgage overdue consequences:
There are still some differences between loan companies and banks. Bank loans are not repaid, and the most common thing is to affect personal credit.
However, loan companies rarely have an impact on personal credit, but they will have other impacts.
Because it is a car mortgage, I mortgaged the car to the loan company. Therefore, if the borrower fails to repay the loan, the lending institution can auction the borrower's car directly to repay the loan.
Prior to this, the lending institution would ask the borrower to repay many times, and there would be certain interest charges during the repayment period, which was a relatively high penalty interest, and the repayment pressure of the borrower would increase during this period.
It's relatively easy to handle automobile mortgage through a loan company, but the borrower should never be lucky enough not to repay the loan. Lending companies have plenty of ways to keep themselves from "losing money".