Yes, they can repo it it you have paid everything except one red cent. You put the car up for collertal. It doesn't matter if it's worth $100,000 and you borrow $100. If you don't pay, you lose it.
However, in Mississippi, after the bank repo's it and sells it, they cannot make a profit. They have to send you what's left. Like, if you owe them $400 and a $325 repo fee, that's a tatal of $725. If they sell it for $1,725, they owe you $1,000.
Chris, i dont rem what state(s) it is, but there is a limit somewhere on the 70% part. BTW, not ALL lenders have to return the overage. Some only have to return 85% in your home state.
Yes, they can still repossess your car, but in most states, if you have paid over 65% of the balance of the loan and the original balance was under $5,400.00, they can't sue you for the deficency balance. Most finance companies, if the vehicle is of any value, will repossess it and resell it to recover any losses they may have.