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Can a person that loans money to a friend with a car title as collateral for the loan obtain the car if payment is not made?
Wiki User
∙ 16y ago
Yes, if the promise of collateral can be documented. For example, if the lender has obtained a signed title as a "pledge", then the new title can be recorded when the payment agreement is breached, and the car sold to cover the remaining payments.
Wiki User
∙ 16y ago
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How do you obtain a secured loan?
The person who is loaning the loan has to give collateral in exchange for it with lowest interest rates. Also to get one you have to present proof of your monthly income, and a valuable you can use as collateral.
What are examples of collateral?
Collateral is security pledged for the payment of a loan. For example, a bank may take some stocks and bonds from a person in exchange for a loan. Another example would be someone holding on to your wallet while you borrow their cell phone. Pawn shops offer loans and use personal property as collateral; for example, jewelry or gold in exchange for money, and if you don't pay back the money, they keep the item.
Can you make a cosinger's agreement in which you obtain ownership if the other party misses his payment?
That's what they do at the bank, if the main person does not make the payments the cosigner is responsible to take it over.
How can one obtain loans with poor credit in the US?
There are many different companies that offer loans for those individuals with poor credit. A person getting the loan would also depend on the loan amount, the amount of collateral and other factors.
A regular payment made to a person after they retire?
A regular payment made to a person after they retire is called a pension
Can you pick up a friends car that owes you money?
No, not unless you have a legal contract that lists it as a form of collateral in the case that repayment is no longer possible from their income alone. It is possible that your might be able to obtain a lien against it so that you could receive payment if the vehicle is sold. It is also possible that you might be able to obtain a replevin or Conversion of collateral from the courts. Regardless, the person is not likely to remain your friend long in the event you attempt to collect in any of these ways.
How do you obtain a secured loan?
The person who is loaning the loan has to give collateral in exchange for it with lowest interest rates. Also to get one you have to present proof of your monthly income, and a valuable you can use as collateral.
Can an estate be considered a person in order to obtain credit?
No. An Estate is not a natural person by any definition. However, there may be lenders willing to lend to an estate, or using the estate as collateral and a person as a personal garauntee.
Can a person with poor credit still get car loans?
Yes, that would be generally possible. The person will have to pay a larger amount of down payment as well as higher interest rates. Depending on the level of his or her creditworthiness, s/he may need to put in a collateral as well.
What are examples of collateral?
Collateral is security pledged for the payment of a loan. For example, a bank may take some stocks and bonds from a person in exchange for a loan. Another example would be someone holding on to your wallet while you borrow their cell phone. Pawn shops offer loans and use personal property as collateral; for example, jewelry or gold in exchange for money, and if you don't pay back the money, they keep the item.
Can you make a cosinger's agreement in which you obtain ownership if the other party misses his payment?
That's what they do at the bank, if the main person does not make the payments the cosigner is responsible to take it over.
What is impact on the family of a wrongly convicted person is called?
Collateral Damage
What is the state statute in North Carolina for concealment of collateral?
Sec. 16H-35. Concealment of collateral. A person commits 1 the offense of concealment of collateral when the person, 2 with intent to defraud, knowingly conceals, removes, disposes 3 of, or converts to the person's own use or to that of 4 another, any property mortgaged or pledged to or held by a 5 financial institution. Sec. 16H-35. Concealment of collateral. A person commits 1 the offense of concealment of collateral when the person, 2 with intent to defraud, knowingly conceals, removes, disposes 3 of, or converts to the person's own use or to that of 4 another, any property mortgaged or pledged to or held by a 5 financial institution.
What happens if a loan is in default and the co-signer who put up the collateral is deceased?
The person who was "cosigned for" is still liable and the collateral is still collateral, it's just owned by the estate now. Same laws still apply
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
How can one obtain loans with poor credit in the US?
There are many different companies that offer loans for those individuals with poor credit. A person getting the loan would also depend on the loan amount, the amount of collateral and other factors.
How can I obtain a copy of my divorce decree?
You can get a copy from any registry office - on payment of a standard fee.
