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Can you ever get another car loan once your car is repossessed?
Wiki User
∙ 10y ago
Sure, you can. The entire sub-prime lending market is waiting for you. Max legal interest rate, higher DP, its all about you. The OCC bulletin 2001-6 says:
"The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers.
Wiki User
∙ 10y ago
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Can you be sued by a finance company once you have defaulted on a car loan?
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can a loan company repo car at 12am on a Saturday?
Legally, once you have defaulted they have the power to take your car at any time...even after dark. Many cars are repossessed at night as the repo men can expect less chance of confrontation when you are sleeping.
What is loan delinquency?
Once a month, your loan goes out on a bender and gets bigger.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Can you get a stafford loan and another loan at once?
Sure.
Can you be sued by a finance company once you have defaulted on a car loan?
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
Can a car be repossessed for late fees only?
Once you are late by a single day you are in violation of your loan agreement which means you can be repoed.Until you bring your loan completely current....late fees and all you are in danger of being repoed.Read your loan agreement.
How many times can your car be repossessed?
After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
Do you still have to pay off the loan once your car is repossessed?
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
How much time in the state of Kansas do you have once you receive notice that your car will be repossessed before the car is actually repossessed?
One Kansas attorney says 20 days and another says 10 days.
When can a vehicle legally be repossessed?
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
What are the mobile home repossession laws in Nevada?
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
Late on your car payment by 10-15 days once car was repossessed Asked the company why they took car they said had not rcvd that months payment and no wk. Can this be done?
Yes it can be done,read your loan agreement.
