If you are the sole owner on the registration and have a loan or financing agreement for the vehicle, the lender or creditor may have the right to repossess the vehicle if you default on the loan payments or violate other terms of the agreement. This is because the lender has a security interest in the vehicle until the loan is paid off. The specific process for repossession varies by state, and some states require the lender to obtain a court order before repossessing the vehicle.
If you are the sole owner on the registration but do not have a loan or financing agreement, there may not be a basis for repossession unless there are other legal proceedings or obligations involved.
It's worth noting that state laws regarding repossession can vary, so it's essential to review the specific laws applicable to your jurisdiction and consult with legal experts or seek legal advice for an accurate understanding of your rights and responsibilities in case of potential repossession.
