If you took out a 150000 loan on your vehicle and are presently disabled and the loan company knew that at the time could they still repossess even though that was your only transporation at the time?
It appears that you obtained a secured loan on your vehicle (you used your vehicle as collateral for the loan). Whether or not you were disabled at the time of the loan, you are obligated to the lender to fulfill the terms of your contract. Loan companies, banks, credit unions and pawn shops...they are all in business to make a profit.
They do not care about your personal circumstances (i.e. That the vehicle is your only form of transportation). There are some organizations known as "predatory lenders", that is, they will underwrite a loan knowing that the borrower will probably NOT fulfill the terms of the contract.
When the borrower defaults, they initiate foreclosure (in the case of real property) or repossession (if the property is a vehicle). Either way, they win. If you are having a problem making the payments, stay in communication with the lender.
The mistake many people make is to hope that the situation will just "go away", so they say nothing to the lender. Bad decision. Talk to the lender.
Explain your circumstances. See if you can get them to work with you for a short period until you get your finances back into alignment. If they won't work with you, try to get assistance from family or friends.
If all else fails you may want to have someone take over the payments on the loan (sign the vehicle over to them) so you can get away from it. You do not want a repo on your credit report. Make sure you talk to someone who knows the legal "ins and outs" in your state before you make a decision that could make things worse for you.
If you’re behind on your car payments and your creditor is threatening to repossess your car, here are some helpful suggestions. Contact your creditor when you realize that you will be late with a payment. Many creditors will work with you to set up a payment plan.
If you miss a payment or default on your contract in any way, such as letting your insurance coverage lapse, your creditor has the right to repossess your car. A voluntary repossession occurs when you return the financed vehicle in an attempt to relinquish your responsibility. Your creditor is not required to give you any advance notice before repossessing your car.
If you think your car is in danger of being repossessed, it is a good idea to remove all of your personal items from it as soon as possible. After the vehicle has been repossessed, it can be difficult to get back your things even though the creditor has no legal right to keep them. Once your car has been repossessed, your creditor has the right to ask you to pay the late payments plus the cost of repossession.
The creditor may also demand that you pay off the balance of the loan in full. You may wish to consult with an attorney for advice on your legal rights. If you are not able to pay these costs to get your car back, the creditor has the right to sell it through a public or private sale.
You should be notified of the time and place of the sale. After the vehicle has been sold, you will be notified by the creditor about whether you still owe money for the "deficiency balance." The deficiency balance is the amount owed after the proceeds from the sale has been applied to your total loan balance.
Remember, it is easier to try to prevent repossession before it happens than to deal with it after the fact. Contact your creditor if you’re concerned that you might miss a payment or you default on your contract.
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