It is important to note that repossession generally occurs when a debtor fails to make payments as agreed upon in a secured loan agreement, such as a car loan. If you purchased a vehicle but did not finance it, it means that you likely paid for it in full at the time of purchase, and there should not be any outstanding loan or financing associated with the vehicle. In this case, the lender cannot repossess the vehicle since there is no loan agreement or security interest attached to it.
However, it is advisable to review the purchase agreement and any related documents you received when you bought the vehicle to ensure there are no specific terms or conditions that grant the seller or any other party the right to repossess the vehicle under certain circumstances. If you are unsure about any aspect of your vehicle purchase, it would be a good idea to seek legal advice or consult with a relevant consumer protection agency in your area.
