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Loans

~11300 answered questions
Parent Category: Money Management
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
Is it possible you're getting carburetor icing? This is common in cooler, humid weather after maybe five or ten minutes. The power falls off, runs rough and chuggy, slowly chokes up, requires 15 minutes to thaw barrels out again. Just a possibility. Could be preheat hose or vacuum line/switch. Repla…
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Paying for Room and Board at College Here are some things to consider when trying to come up with a plan to pay for room and board at college: Inexpensive schools - State schools in your state are going to be less expensive than private schools and moving out of state for school. Note that often a…
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Yes you can use private student loans for anything but be sure and pay your school expenses first! Federal loans normally don't cover all of your education expenses so it will be harder to use those!
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One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you…
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I wouldn't. Contact the bank who you have the loan with before you try selling the car so you can get all of the details about how to handle the pay-off when you sell it.Find out what car dealers don't want you to know at www.dealertricks.com
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You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance…
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Answer No. Home equity loans are revolving credit lines. In simple terms, that means you could pay on that for three years and not even touch the principal. I wouldn't do it. Maybe rolling it into a consolidation loan if you have enough equity in your home, but not a HELOC. Answer No. You want…
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The only way I know is to buy a calculator that can figure interest rates. If you have a friend who is an engineer he probably has one.You can also keep the math simple. If you were to finance a vehicle for $12,000 @ 60mo with no interest or 0% your payments would be $200 a month. At $18,000 they wo…
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It depends upon the specific terms and conditions of the contract. If the contract simply states it is the buyer's obligation to secure financing, then you can NOT cancel the contract. If the contract states that the agreement is conditional upon the buyer's ability to secure a loan, then you CAN ca…
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Yes you can sell your car that has a loan it. The easiest thing to do is if you sell it locally and you have the car financed at your local bank, have the buyer go with you to your bank. Pay of the car with what you sold it for. The bank usually has the title to your car. They will pull your title f…
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Yes. If the dealer is trying to change the terms of the sale, then the sale is not final and you should be able to get out of the deal.Find out what car dealers don't want you to know at www.dealertricks.com
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When you place a credit application at a dealer's place of business, he can use it any way he wishes. He can get your credit report for himself, or shop your loan to other banks where he makes a kickback (known as dealer reserve) as well as contact your bank.Most custormers do not mind this practice…
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Talk to the lender to see if you can move your paments up to the end of the month. This would be undertandable enough for them, and they would probably go along with it. Make sure you get it in writing, though.
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Absolutely. This is a technique dealers use to get you emotionally attached to the car. Take it home, show your friends. Then they tell you the loan is turned down, but they can get you approved at a higher rate. They think that since you already showed everyone your new car, you'll pay the higher r…
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%DETAILS% Answer Park the RV in a high traffic area, with permission of the landlord, with huge signs that read: I bought this lemon at such and such dealership. They hate negative publicity and will usually do something just to avoid further negative publicity. Call the dealership and tell the…
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If the names are joined with "OR" or "AND/OR", either can go to the DMV and have the title changed. If there is just an "AND", they will both have to sign.
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Keep bothering them. If you haven't received the title after about 90 days, then something has to be wrong.
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The dealer has nothing to do with the car unless he financed it himself. Do not do this! Figure something else out. Get someone to take over the payments, sell the car and pay the loan off, re-negotiate the loan. Do whatever it takes to keep your good credit. If you return the car to whoever holds t…
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Premium Payments No, Under no circumstances may an insurer or agent thereof intentionally "keep" your unearned premium payment. This would be a violation of the agents fuduciary obligations to the insured. However, if there was an outstanding balance due on your previous policy, then they are allowe…
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List your wife and daughter as primary drivers of the cars they regularly drive and occasional drivers of others. If the company finds that you have been lying to them when you have a claim, you may discover that YOU HAVE NO COVERAGE and all the premiums you have paid were just a gift to the company…
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If your lender requires you to have insurance during the loan period, then yes. Also. If you are driving , then yes. If the vehicle is not on the road being driven, then no. But, know that if you just drive the vehicle to your next door neighbor's house and you have an accident (collision), then you…
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There are so many potential scenarios in this situation.Are you wishing to insure it via the daughter because she has a better record, thus better rates? That would, of course, be considered fraud, and is not advised. Additionally, they are going to rate the policy based on all drivers in the house,…
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No standard company will write a separate policy for a 16 yr old driver. Youthfuls need to be experienced with their own credit and stability to obtain their own policy. It is not cost effective either. The rule is that until the age of 25, most drivers will not get a prefered rate.So in short, the …
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Yes, I have two children over 18 and under 25 who are currently on my insurance. You must go to their insurance company and give them your name etc and they will tell you how much more it is. Beware, if your parents insurance lapses or is canx, you will not have insurance either.
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NO, NO, and NO. It ONLY covers the LENDER for the amount owing oon your loan. if you would be nice enough to TOTAL the car, the lender would be happy. Good Luck and BE SAFE
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I have declared bankruptcy which included a vehicle re-possession and thank God, I now have great credit again! So good in fact, that I have three credit cards! This process will take at least ten years, but if you are in real trouble and have no other way out, it does work. Your first step is to a…
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Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another …
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Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.
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My car is about to be repossessed. I spoke to the lender who has the second mortgage on our house concerning how bad this would be on my credit report. This particular lender is CitiFinancial. I was told that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and…
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yes - as long as she get's them the money to pay it off any way - before they get the car she will be ok - she can trade it in, pay it off with cash, refinance it, etc. The trouble is if she is behind on the payment, other auto lenders are probably not going to want to lend her money on another car.…
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You must get the finance company to agree to terms. You can't get the car back by any means other than getting the finance company to agree to something. You do have a certain # of days to pay it off in full, but after than and other than that, it's their car. I filed bankruptcy, Chp 13, 2days af…
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It depends, if you did not have a security agreement on the loan, and if you didn�t file for a new title with your loan on it, you can�t 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 …
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%DETAILS% YES.   Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the acc…
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In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they w…
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They cant legally "threaten" to do do anything that they cant legally do, so the answer is YES, they can attach your home.
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In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them. Your responsible to pay back the loan, plus all accumulated interest, fees, costs …
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%DETAILS% Yes a private person can have a car repo'd but if the car was stolen like you stated then you must report this to your local police and let the piece of trash that stole it go to jail.   Yes, you can have a car repoed. BUT if its been 'stolen" as you posted, wouldn't that be pu…
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I believe you have 3 choices. 1. Pay the loan off.2. Do the B/K route.3. Make sure the lender can find the primary debtor so they can get the money from s/he. If they had any money to start with, you wouldn't have had to co-sign, rite? BUT it is TAX time, maybe they will help you with their refund.…
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YES the lender can garnishee the co-signor (NOT co-signors spouse) as well as the signor. Just as the lender CANT garnishee your spouses wages. ONLY those signors of the contract are subject to any collection activities.
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%DETAILS% Answer Debbie, I'm sorry that you lost your brother. Your parents are responsible for the balance due on the bike UNLESS there was life ins. on the loan to cover it. Their best option is to (borrow the money to) PAYOFF the loan NOW. Avoid any more interest and/or FEES. Next option.…
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%DETAILS% joe, think about it. YOU are the owner, they are the lender. OWNERS report cars stolen. Some of those lying,cheatin,lowdown repo people will tell you its reported stolen to try to get you to GIVE IT UP. IF its REALLY stolen, YOU(the owner) should report it stolen to help the lender out.…
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Anon, It depends on how much you put as down payment and how HIGH an interest rate you are willing to pay. There are SUB PRIME lenders in every market waiting for you. Good Luck
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Jason, you are just as responsible as the signor. Think about it, you knew the signor's credit wasnt good or you wouldn't have needed to co-sign. When you co-sign, you are saying "if they don't pay this loan,I WILL". Make sure the lender knows where the the whereabouts of the signor and how to get …
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call the LENDER and get it straight. If you are current, they need to CLOSE the acct. with the repo co.
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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 …
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It is not required. However, if you do discover where the vehicle is to be sold, provided it is close enough for you to travel, you can attend if it is a public auction as opposed to a dealer aution, and you bid like everyone else. Now, that being said, it seems it would be much easier for you to …
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Ask the LENDER can they remove the non-paying signor from the title and the loan so you can take custody of the car. Otherwise, unless you are listed on the TITLE as co-owner, NO.
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check the SOL in your state. Usually 7-10 yrs. but the judgments get renewed so it goes on and on like an Energizer bunny...
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%DETAILS% nan, it depends on what you and the LENDER agree on. You agreed to pay them so much a month before and didnt manage to do it, sooo they will be tougher the next time around.   I got a different loan to pay off the first loan, the interest was a little higher, but I figured I woul…
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%DETAILS% READ your contract. When you are in DEFAULT, they can repo. Legally only one day, but most lenders will work with you if possible.   to whom it may concern, I co-signed for someone and they coundn't make the payments. I got laid off and i couldn't make the payments. I am now curr…
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Well after I got my car repoed it took me till Oct of the same yr to pay the lender off with a new charge off amount repoed in April 2003 paid in full Oct 2003 on my Credit Report it shows as a charge off. I paid it off in 6 months I refinanced my home to pay off he difference. In between time I had…
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The best way to find out is to READ THE POLICY. What does it cover?? Was it GAP insurance or regular auto ins.? Ask your ins. agent to explain the coverages.
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Repossession normally doesnt effect the warranty unless there is some clause in the contract stating otherwise, as long as the title stays in the same name(original warrantee)
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the answer is yes they can,the question is why is your name still on the title after the divorce are you keeping the property together as a rental?you can go to your local county recorders office and see what liens you have on the property,the only ones that are always there is the mortgage company …
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%REPLIES% Answer You are asking three questions in one, let me give you the answers to the best of my knowledge. 1. Can the lender "legally" repo the car with only a $390 balance? Answer: Yes they can. 2. Will the lender actually repo the car? Answer: Only as a last resort. They will try an…
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Check with the dealer where you bought it. Some local dealers in my area will take it back before 30days.
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If you are in DEFAULT of the contract, the collateral can be repoed.
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You dont HAVE to pay anything. You may not get credit in the future because you dont pay. It will be on your CR usually for 7 years. Depending on where you live, if the lender gets a judgement, they could garnishee your wages.
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ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
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In some states it is a crime to concele mortgaged property. You can go to jail for up to a year if convicted. The finance company must want to persue this first. My opinion? Give it up and don't get involved. He didnt pay and has no right to keep it.   You signed as "a good friend", so thi…
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IF her name is on the TITLE, she can take it. IF the husband is on the loan, he can make whatever arrangements he and the LENDER agree to.
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Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney buy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
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Mike, READ the contract you signed agreeing to do certain things in exchange for a car. What does it say about if you are in DEFAULT? If you dont perform any one of the conditions of your loan, they you are in default and can be repoed.
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Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.
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Mea, dont be snowballed by yo lender. A repo is a repo. IF you or your Dad were worried about his credit, chances are that it would not have gotten to repo stage. Anyway, the lender calls the shots on reporting repos to credit bureaus, so, play their game. Go get yo car and see if it shows up. Good …
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Very simple really,you have the right to pay it. If you don't pay it, the lender will likely seek a judgment against you. If successful, they will proceed with any other legal remedies available to collect. Those include garnishemnt of your wages, lien against other property you own, etc. You can ma…
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NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.
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%DETAILS% Answer NO, NO, NO. America did away with debtors prisons in the early 60's. LOL. Your credit will be terrible, you will pay higher interest rates for whatever credit you do get. They may even garnish 25% of that paycheck you live from and to. But you will live. Don't give up.
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this sounds soooo simple. UNTIL you get it payed off or discharged by B/K. Lenders will sometimes accept a CASH offer, so keep that in mind at refund time. B/K will clear off the debt but your already bad credit will be even worse by doing so. Try to pay something on a regular basis if possible. Goo…
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Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.
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Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck
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The bank doesn't want the car either. It will probably be sold at auction to a dealer for the WHOLESALE price. You will still owe the difference between what you owed and what they get PLUS their expenses.Banks are in the MONEY biz not the CAR biz. Yes, they will get $$$$ but not enogh, so naturally…
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BUSINESS HOURS are business hours. Usually 9-5 Mon-thru Fri. BUT, a lot depends on your attitude. NICE people usually get better results than grouchy people. Also, please remember that repo people have lives to. Its all good.
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I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis…
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Its very likely that they can require you to pay off if you just refinanced the loan. READ your new contract in the parts about DEFAULT. If there's any doubt, call a local attorney. In some states, if you put down 20% on the loan, then all you will have to pay is the past due payments, plus the rep…
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HECK NO, they have lots of legal remedies but that is not one of them.
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If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how d…
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You could go to jail for selling a car that you owe money on. Felonies are different in different states. Call a local attorney and ask for a free consultation. If it is a felony in your state, you're gonna NEED an attorney.
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YES, co. "A" will probably redeem the car and fuss at you for letting it get repo'ed. You might better get it covered quickly. Good Luck
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It is a FELONY in most states to sell leined property. Why would you want to do that anyway? Most title loans are the easiest place in the world to let someone ASSUME your loan. Its not like you even have to have credit to get a title loan.Keep your account current and you shouldn't have anything to…
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On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
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IF the car was repaired after the accidents, probably not. If NOT repaired , it will decrease the amount the car brings at auction, increasing the amount you owe.
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The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.
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the state the car is in govern the repossession, the lenders choice on which state governs collection efforts. Read your contract.
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Call a local attorney and ask. I am sure sure you will get an O'pinion based on your states laws.   If the car is in your name then you are ultimately responsible for the payment. You want to sue someone because of your own stupidity?   The above answer is brusque but accurate. If the …
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Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.
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%DETAILS% Answer ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck
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It depends on the contract you signed. Title loan places are not usually allowed to sue for deficiency balances. Everyone else will. so if you dont contact them, they will contact you. Interest is building up, your best option is to contact and try to set up a payment that you can pay. IF THAT APPLI…
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Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)
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%REPLIES% Answer get it off your CR? not likely show that you got it back? if/when you pay it off, it will reflect that you got it back by showing PAYOFF. Answer Hello, saw your post This is not spam had the same problem as you if you will send me an email i can give you some gre…
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READ your comtract on the loan and the card. Word to look for: cross-collateralization   NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy.   YES THEY CAN. Read your contract. I'll bet it says they…
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The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.
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the link to NC statutes is at the bottom. W/O actually looking it up, Ill say NO, they can put a LEIN against the home and when it does sell, they get paid first. Ask a local attorney for an opinion.TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: North …
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