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I would think that if the loan matches the value of the car, then you might be close to even. However, if you owe more than the car would sell for, then you may have a problem. All you can do is read your sales agreement and then discuss it with the management.
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∙ 16y ago
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You were notified the loan was not approved and you needed to return the car you never returned the car or had it registered in your name and it was never repossessed how do you get rid of it?
Return it to the dealer.
What happens if your car loan is approved but you still owe the dealer money?
You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
What is a pre-approved car loan?
A pre approved car loan is a loan where the car dealer or banks have already run your credit. They have determined how much money they will lend you and what you can afford to buy.
Which is an example of a person using credit in order to obtain something?
Adam goes to a car dealer and gets a loan to buy a new car. ( STUDY ISLAND)
Can a dealer collect on repo unpaid balance?
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.
You were notified the loan was not approved and you needed to return the car you never returned the car or had it registered in your name and it was never repossessed how do you get rid of it?
Return it to the dealer.
Can you trade in your car if you still owe on the auto loan?
yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan
Can a used car dealer repossess a car with a balance of only 124 dollars if there is a loan on the vehicle from a bank?
IF the dealer is acting as the banks agent(hired to repo), YES.IF you bought the car from that dealer, the dealer may have had "recourse" on the loan, so that he/she had to do the dirty work if you didnt pay. $124.00 is not the main question, how LONG has the $124.00 been in default??
Can you roll the balance of a carloan into a new car loan?
No, it most cases you cannot roll the balance of an existing car loan into a new car loan.
Is a person responsible for the remaining balance of a reaffirmed car loan when it is voluntarily returned to the dealer after a bankruptcy?
Yes. When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate. Also, the debt in this case is post-peition.. as in it came about after the date of filing.
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
If the dealer has changed the terms of a loan after 5 days can the car be returned?
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
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
What happens if your car loan is approved but you still owe the dealer money?
You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.
If you loan your car and it is not returned is it stolen?
it is if you report it to the police as stolen
Can a dealer after voluntarily returning a car over 3 years ago now come after you for the remaining balance?
In a word yes.Just because you voluntary returned the car doesn't mean anything to the lender they still want the balance of their loan.You need to find a few things out to help yourself.First find out what the dealer did with the car did he auction it or resell it?Most importantly how much did they get for your former car?The difference between your original loan amount(including all the interest)less your total payments and less what the dealer got for your former car should equal the remaining balance BUT CHECK The NUMBERS !!!!!!!!!!!!!!!!!!! IT is a good idea to conduct all correspondence with the lender/collector in writing only and read what they you send very carefully!!!!!!!!!!!!!!! GOOD LUCK
