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If you bought a vehicle and you still owed money on it can you sell it to some one and have them take over the payments?
Wiki User
∙ 15y ago
It is not a good idea. If that person does not make any payments then you are on the hook. The ownership can not be changed anyway, because it is listed as security under a registry.
Wiki User
∙ 15y ago
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Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
If someone made payments to purchase vehicle and to pay remainder of balance when picking up the vehicle then changes mind is there a refund owed on payments?
No. You are not entitled to a refund if you made payments toward the purchase of a vehicle. In truth, if you signed a contract to purchase the vehicle, that vehicle is now secondary to the contract, you could still be held responsible for the balance of the loan, whether or not you still have the vehicle.
Auto loans and financing?
I want to purchase a new vehicle. The vehicle I currently have I was awarded by a judge in divorce court, however the vehicle is not in my name. Can I trade this vehicle with my ex's permission to sign off and put it towards my new vehicle that will be in my name? I make the payments and still owe money on it.
If someone made payments to purchase vehicle then changed their mind are they entitled to a refund of payments?
Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.
If you are late on a auto loan can you still trade that vehicle in?
Late payments will be deducted from trade-in value
Can a mechanic repossess a vehicle if money still owed?
if you owe them money they generally will not release your vehicle to you in the first place
What do you do if you've co signed for someone and they are not making payments and you have given them money to catch up their payments and they still didn't make the payments and hid the vehicle?
You need to make those payments directly to the creditor or the late payments will be reflected as your own debt on your credit record. Thats what you contracted to do when you decided to be the co-signer. You should never hand over cash to pay loan payments to a person who is already defaulting on those payments. You may want to consult with an attorney about taking possession of the vehicle through a civil process.
Who holds the collateral in a loan with collateral?
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
When someone assumes your finance payments are you no longer responsible for the vehicle?
IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Can a creditor in Arizona report you as a charge off when you are still making payments on the vehicle?
Only if they actually took the charge off.
Do you still have to make payments after returning a car?
Making Payments After Returning a CarNo, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.
