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.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
Bankrate website is just one of the free website that offers an interest loan calculator online. One can just go on to the said site and key in the interest problem, and let the site solve the problem for you.
You would want a low interest rate because you are paying interest. Wow I just answered my own question:-)
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
not much just a few hours it is 4
As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
State laws vary, but generally any driver is required by state statute to have auto insurance and to carry proof of such insurance.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Absolutely! The reason the auto was repossessed in the first place was that the original loan contract was violated - the payments were not paid when due. When the new loan with the co-signer is initiated, the interest rate is adjusted commensurate with whatever the current rate is. When a person is consistently late with payments, they become at risk with any loaning agency. Being a higher risk only ensures your interest rate will always be higher. The only way to reduce that risky interest rate is to conistently pay ALL your bills on time, and never miss any payments, and do this for, say, two years. Missing just one month can wreak havoc with your credit rating for many years in the future. It's just not worth it to not pay.
I'm guessing that you need to CALL an attorney NOW. Sounds like a collector and/or repoman has been telling you what they think you need to hear. (Blowing Smoke) No one blowing smoke, just trying to see if one can avoid having a jointly owned house attached to a deficiency judgement?
Just call 720 435 7676
Boats can be repossessed due to non-payment or maybe the boat does not meet the requirements needed to sail. I would think it would be just like a automobile as far as finance goes.
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.