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Money Management

~10400 answered questions
Parent Category: Personal Finance
The allocation of savings between different investment options with varying levels of risk.
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…
Popularity: 243
%DETAILS% Answer This is certainly something that can be negotiated with a dealer. It will depend on how much equity you have in the deal, how much money you may be borrowing on your new vehicle, etc. But if you make a it a condition of the deal, yes, it can be done under the right circumstan…
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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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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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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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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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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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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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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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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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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 …
Popularity: 107
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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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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%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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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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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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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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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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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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NOPE, only the state can garnish for CS or taxes. Some collector is trying to smoke you into paying or dont know the laws in SC.
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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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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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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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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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%DETAILS% Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RES…
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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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%DETAILS% Answer Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???
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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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Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.
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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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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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A letter should be enough and will give you proof that you notified them. However, a call explaining the situtation might get you better results in the long run. have you considered driving it to the lender and leaving it?
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NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
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IF you signed a loan with the CU and used the car as collateral, YES IT IS LEGAL. And it is WISE for you to pay.
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After sending you a "20 day right to cure" notice they can.
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a lien can be placed on a title without you giving them the title. call your states DMV and ask if you car has a lien on it. I think you will be surprised. Good Luck
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YES, you are in effect, buying the lenders interest in the loan and assuming their rights,including the right to repo.
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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 t…
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YES, you have to pay off the loan. You have agreed to pay the lender X number of dollars for X number of months in return for letting you use X number of dollars to buy a car. Once the car is sold, the sale price is deducted from the balance due and you still owe that amount.
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%DETAILS% Answer Only if the lender broke some law while repoing the car. Call a local attorney for state specific advice.
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With FEW exceptions, YES. that is the lenders usual option to collect.
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YES, on a CR, a repo is a repo.
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YES, usually they garnishee your wages first.
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%REPLIES% Answer Under some circumstances, YES. Do you really want to go to jail for a car???? WHY cant they find a car YOU are supposed to be driving and paying for?? Answer NO, you cannot be arrested....UNLESS, there is a "Writ of Replevin" (court order) that you must at that time turn th…
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YES. Read yo contract.   Not unless the bank auctions the car for less than if left on the loan (which is usually the case). Also, the only way to not owe after repo is file bankruptcy, in which you loose your liability on the car.
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IF you contact the lender that has the loan on it and IF the lender approves you to assume the loan.
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NO, unless the ins. on the car pays off more than you owe.The amount the ins. pays would be the the equivilent to the auction price in the balance due on the loan.
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The UCC says the debtor IS entitled to any excess above what is owed on the loan. That will include all fees(repo,auction,attorney,ect)
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Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.
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lets say the total of the payments are $20000.00. And you have paid $10,000.00 on the loan. The car sells for $5000.00. That leaves $5000.00 for you to pay. These are round numbers for examples only. there will be other fees added in that will change it some.
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Maybe you could call an attorney for state specific advice.
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Your chances of getting a car loan are GREAT, at the bottom of the barrel. Buy-Here_Pay_Here lots will ALAWAYS finance you IF you have a big enough down payment. You are not in a good position to get loans now, better get creative.
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YES, IF the loans contain a CROSS-COLLATERALIZATION clause. Were you in DEFAULT of any other conditions of the loans? INS.???
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I didnt see any limitations as to HOW the repo occured. § 8.01-427. Persons entitled under decree deemed judgment creditors; execution on decree.The persons entitled to the benefit of any decree or order requiring the payment of money shall be deemed judgment creditors, although the money be requir…
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%DETAILS% Answer the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
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IF your name is NOT on the loan as co-signor or signnor, NONE. IF you live in a community property state, check with an attorney for info on that.
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IF there is a LEINHOLDER on ANY title, it belongs to the LEINHOLDER.
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IF you have collateral for security, YES. Not likely to happen.
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IF the lender posts a repo on your CR, you have one.   You will have the repo on your credit report, but it should also show up as "redeemed".
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Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
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You get it back after meeting the terms of the contract. the LENDER will tell you how much it costs to get it back.
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YES, but so can I and it wont buy yu a cup of coffee. What they "tell" you to do and what you "can" do maybe be FAR apart. Tell the lender "Good TRY, NO candy bar for you".
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Call a local attorney for state specific advice. They usually give a free "consultation".
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Why would they NOT be able to repo a car they purchased the title to? READ your contract.
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Lets try this; Co.A sells your loan to Co.B for "cash". Now Co.A wants to repo your car? IS that the question? If so, how Co.A got paid is immaterial to you. They could have been paid in widgets as long as Co. A and Co. B were happy. Id Co. A sold with RECOURSE to Co.B and you DEFAULT on the loan, t…
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