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If you can't afford your auto loan but owe more than you can sell the car for is there any way to get out of it without having it reposessed?
Wiki User
∙ 15y ago
Yes. Talk to the lender and tell them you want to sell the car, give them the proceeds from the sale, and take out another loan for the balance due. It can be a personnel loan or use something else as collateral. Do whatever you can to avoid having the car repossessed.
Wiki User
∙ 15y ago
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If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
Has anyone dealt with citifinancial repo?
yes my car got reposessed at three in the morning this morning by citifinancial auto. they jerked me around so much i would never, ever recommend anyone to do business with the awful company again
What is the purpose of a refinance auto loan calculator?
The purpose of a refinance auto loan calculator is that it helps you to find out if you can afford to change your loan terms. It will tell you what your new monthly payments will be.
Is it possible to receive an auto loan without having a cosigner?
Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.
Why would a bank give an auto loan without requiring a lien?
This would not be considered an auto loan by the lender. This would be considered a 'signature' loan. If you have good enough credit and a good relationship with your bank, they will loan you money without collateral.
How does making late auto payments or having your auto reposessed affect your credit score?
With a reposession on your credit report it is almost impossible to get another auto loan unless you have not had any negative reports after the repo and you have at least 30% down. It probably lowers your credit score by 100 points.
You Cant afford your auto repair bill is there any way you can get a 2600 repair done to your car without paying for it?
Marry a mechanic.
Which type of auto insurance coverage is more important?
Liability. Without it and charged with fault of an accident you face enormous fines and will have to pay medical bills for everyone injured in the crash. Don't cheap out on auto insurance ... ever. The risks are not worth ii. If you can afford the fancy mobile phone with all the perks then you can afford proper auto insurance.
What happens if you cannot afford auto insurance?
Most states require insurance. You should think of auto insurance as part of the cost of owning a car... if you can't afford the insurance, you can't afford the car and shouldn't have one.
What is auto kick in Guitar Hero?
Auto kick is in the game when you you are playing the drums, the cheat automatically kicks without you having to. will save you leg energy.
How many auto loans are made a year?
If You Have To Amortize A Auto Loan For Ten Years Forget Loanm You Can Afford IT . Unless You Are A No MOney PErson. You Should Afford It. Information From Ask. ~
How do you get an auto loan without a license?
In general, one cannot get an auto loan without a driver's license (that loan will have been acquired fraudulently according to most auto loan contracts). A person can, however, co-sign someone else's loan without having posession of a driver's license.
Is there a statutet of limitation for collecting payment of a reposessed auto?
There are no Statue of limitations on repossession orders given to repo companies. Payments to the finance company can be squashed easily as going into bankruptcy!
What is a recommended auto deductible?
Do the lowest amount that you can afford the normal premiums for.
Best 22 cal semi auto rifle?
The one you can afford.
Can lease auto be repossessed when you do not have insuarance?
The terms of most auto leases require that you maintain insurance. Failing to do so is typically cause for termination of the lease. If you can't afford insurance, you can't afford to drive.
Can you be ticketed for not having auto insurance?
In Texas if you a caught driving without insurance you will be ticketed. I believe this is true in most states.
