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Loan secured by a vehicle
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What happens if payment is not made?
As we mentioned, if you don't make the payment, you risk losing the vehicle. Since it's mortgaged to the bank, they have the right to repossess the asset if you fail to meet your financial obligations.
However, remember that there is always the possibility of renegotiating the debt. However, you will most likely not obtain the same rates and payment terms previously established. Therefore, keep up-to-date with your payments on the vehicle-secured loan.
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