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Can a loan company take a newly financed car in your name as collateral toward the balance of a loan for a car that was repossessed a few years ago?
Wiki User
∙ 12y ago
Nelson, they would have a couple of real goofy options.1. they could refinance the new car and include the balance of the old loan for a HUGE total.2. they could be the SECOND leinholder on the new car somehow. I guess they would have to loan you money to pay the old balance and take the new car as collateral.Neither of these options look realistic, but who knows??
Wiki User
∙ 12y ago
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Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
What happens if you part out a financed car?
You still owe the finance company the balance owed.
Can I be financed $10,000 for my restaurant business?
Advance Restaurant Finance is a great company to go through to help furnish your restaurant. The best part about this company is that they require NO collateral.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
What group financed Jamestown?
The London Company financed Jamestown. They were a stock company.
I failed to pay the pick up payment can the dealer repo my car even if its financed through a bank?
Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.
Company laws relating to financial structure?
The right side of a firm's balance sheet, detailing how its assets are financed, including debt and equity issues.
Can a house be rented out while financed through your company?
You need to review the documents you signed when you financed your house through your company.
What company financed the expedition in Jamestown?
The Virginia company of london
