What would you like to do?
Can you refinance a car loan after the car has been totaled and repossessed to get lower payments?
NO. You no longer have collateral to secure the loan. Unless you are willing to use real estate or another vehicle that is fully paid off and owned for security.
123 people found this useful
Was this answer useful?
Thanks for the feedback!
It depends, if you did not have a security agreement on the loan, and if you didnï¿½t file for a new title with your loan on it, you canï¿½t enforce a repo (this is for …Colorado, but it is similar for other states). It seems to be that you need to go to court, and prove to the court that you have a right to the car, depending on what is in that letter, and then the court can issue a repleven, which is a court order that can be enforced by law enforcement to get the car back. good luck.
Any assets you own, including cars, can be seized if they win a judgment against you in court. Since they can garnish wages and offset tax returns without taking you to court,… those are the most common methods of collecting. No, they cannot take your car for college loan payments. They can, however, potentially have money taken directly from your pay and/or garnish your tax refunds. Your best bet is to try and resolve your account with the loan company. If you have defaulted, ask them about consolidating or rehabilitating your loan. If you haven't defaulted, there are many lower payment options, deferments and forbearances that may be able to assit you. Regards -Cicily You can get assistance with the consolidation of your loans through www.defaultms.com
What happened if you were behind on payments and the lender offered to refinance and lower the payments and said you were approved and then repossessed the car?
Answer . Generally you would have to sign paper work if the bank had approved a refinance agreement . In that case you could take legal action . They could however reposses… the vehical if you fell behind again on your payments after sighing the agreement.. Answer . Guess what......... banks and lenders LIE !!!!!\n. \nIf it is not in writing then there is no agreement so you don't have any recourse. Unfortunately you learned the hard way.
Answer . No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it.\n. \nIt depends on the state. So…me (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years.. Answer . \nThe above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.
Answer . \nYes.
Can an individual in California who sold a car with a private loan repossess the car when only one payment was made and the car has been mpved to Virginia?
Answer . Almost always. They want you to pay them, they don't want the car. If it hasn't been grabbed yet you might want to voluntarily surrender the car and work out a dea…l. After it has been repo'ed you are going to have some ugly fines or fees (someone has to pay the repossessor). Best of luck.
One of the increasingly popular methods of finding auto loans is through the Online Auto Financing, due to many companies now moving into the industry. With many young people …looking for car loans the market is huge and now many companies are starting to offer loans for people with good or bad credit. If you want to start looking for a loan online then you'll need to make sure you do the research. It will take more than a few days to find an auto loan because you need to make sure that you're getting a good deal at http://www.autofinance-ez.com/
You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.
You had an auto loan with Chrysler Financial and they sold your car to another company because you were behind on payments Now your car has been repossessed Can you get your car back?
YES YOU CAN BUT THERE IS A SHORT TIME FRAME TO RECOVER IT AND YOU MUST BRING THE ACCT CURRENT FIRST.
Can a primary signer on a car loan be a co owner on the refinance of that loan - My father is currently the primary and I am the co owner and I am making the payments and want a lower rate?
I don't see why not as long as the loan is in good standing, but you can never tell these days.
If you are late on your own loan payment and you are a co-signer on your daughters car can they repossess her car?
This is a unique scenario, but not totally uncommon. If both vehicles are financed through the same lender, then that lender may do what is called a conversion of collateral …. When this is completed, then yes either vehicle may be repossessed for default on either loan.
You can get a car loan, but will have to put down a very hefty down payment - sometimes as much as 50% of the value of the car. Small finance companies are more likely to help… you out with that, but will charge you the maximum allowable finance charge (usually 29%).
No. Banks may ask but most lenders do not require a downpayment.
you take your payments to pay them and say im here to pay them kthxbye
If they started that process they are done. The only thing you can do is get money elsewhere and give them cash to get it back if you can get the money. There will be a penalt…y and you will have to pay for the repossession even. You can do a voluntary surrender if you can't keep it which looks better. If you let them take it, no one else will give you a car right away so you have to play ball with them.
If you refinance a car another down payment is usually not required. I refinanced a car to lower to payments and it added another year to the payoff date of the car. I wasn't …required to give a down payment.