Failure to repay a loan which has been secured by means of collateral may result in the seizure of that collateral. This would constitute repossession only if that collateral was something that you had purchased with the borrowed money. It could be something entirely different, though. Any valuable possession can be used as collateral, if the bank agrees. If it is, let us say, a piece of jewelry that you had inherited from your grandmother, it would be something that the bank had never previously possessed or financed, hence, the seizure would not technically be a repossession. You can only repossess what you previously possessed.
I dont have great credit & need a loan bad I have a 2004 Chevy Venture Van paid for that i can use for collateral where can I go to get a loan?
Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
you dont get it back.
They wont if you dont ASK or make the offer. Call 'em...
Charlie, if you signed a contract promising to pay X number of dollars for X number of months and dont pay, then the collateral will be taken back and considered "repossessed". Doesnt matter how the collateral gets back to the lender. Its a businness deal.
This is foolish if you cannot pay the payments. Get the car back or risk repossession.
my answer is to just go to oklahoma and just you becomes a repossession agent..........this is not real DONT DO IT.
Then tell the Repossession agents where it is and who has it.
Collateral meaning there is a lien or chattel against the object, then the answer is yes IF YOU DONT INFORM THE BUYER, and get approval from the lien-holder.
I dont see why not... Anything is posible..
I dont have great credit & need a loan bad I have a 2004 Chevy Venture Van paid for that i can use for collateral where can I go to get a loan?
I honestly dont know BUT they have a SERIAL number. Soo they can be identified as collateral for a loan and traced as stolen. Might be hard to find a serial number quietly to repo the rught notor. Boats can be repossessed in Florida if the serial number (hull number) is listed as collateral on the loan documents. HOWEVER - If the motor and trailer serial numbers are not listed as collateral in the loan documents, those items might not be considered as collateralized.
they dont have back bones they dont have back bones they dont have back bones they dont have back bones
IF you list it on the B/K. it goes away, you dont owe it anymore.
scientist dont know for sure how it deals with a stroke. though it is know to of inlarged the brain.
It means giving up the stuff you put up to get the loan in the first place. It means giving up the collateral before the creditor comes for it. Or of course, it means giving up the collateral before there is a legal fight about it. Depending on the state and the contract you agreed to before you put up to get, surrendering collateral before litigation (going to court) might help avoid some further legal problems. Not always. Sometimes creditors want to go after the entire debt, not just what you paid off with the collateral, and your really nice attitude. Check your contract. Your debt begins and ends with the contract. If you dont have a copy, you better get one. NEVER, NEVER, NEVER dont keep your contract when you borrow money!