What would you like to do?
In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgm…ents for the balance and do collect them. Your responsible to pay back the loan, plus all accumulated interest, fees, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property is recovered, after all the additional costs of doing so, doesn't pay the amount provides less than the payoff, the rest is still entirely due and owed by you. It is just no longer secured by the property. Any excess amounts are returned to you. In bankruptcy you may have a different result, with the excess debt being possibly discharged.
That would be up to the lender. Of course, the executor of the estate would have to give that heir the equity in the auto.
Answer Just as you normally would, the only problem will be that you will owe more money then you will get. To prevent this from happening, research cars before… you buy them to see which retain their value the best. Another option is to buy used cars, because a car typically loses the most value in years 1-3, so if you were to buy a car that is three years it will depreciate at rate slower than a brand new car. Henry
Disbursed Loan Amount When you get a loan, sometimes the entire amount of the loan is not given out (disbursed) immediately. For instance, suppose the loan is a …home equity loan. Usually, the person receives portions of this loan as needed. Suppose the total loan available is $50,000. The person takes $10,000 of this amount. The disbursed loan balance is now $10,000. Depending on the contract, the person will receive a bill for an installment payment to reduce this amount plus interest.
\n. \n Answer \n. \n. \nyes you do so the bank or dealer wont report it to creditors.\n. \n. \n More Opinions \n. \nWhen a vehicle is repossessed it must be leg…ally sold for the fair market value, or as near as possible to that price.\n. \nThe amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees.\n. \nA repossession is almost always entered on a credit report.
You can trade your car in, however the loan balance must still be satisfied.
This specific reason does not necessarily means something negative on your credit report. For instance, you can have an active but not fully paid loan on your account. Even if… you are nearly finished with your payments, the creditor may denied an application based on that information. Keep in mind that new credit approval are based on the borrower's ability to repay the dept. Therefore the financial institution will not approve new credit if your debt its already too high and they consider you would not be able to repay along with the existing debts. However there is still hope for those who are nearly finished paying off their loans. You can contact the financial institution and ask for reconsideration, there are phone numbers you can call to speak directly to a credit analyst. Explain your situation and how you're nearly finished with your debt or you can simply wait to pay off the loan and then give it another try. Also, some college student can get this reason for denial. Because they are currently taking loans or took loans while attending school. Again contact the financial institution and ask for reconsideration. Good Luck!
No, you can not check your loan balance here.
The amount of the loan is called the principal.
Loan is on balance sheet
Depends on wether collection costs included in loan docs for recovery & agreed upon by you.
In a foreclosure the proceeds from the sale go to the servicer, who in turn remits those funds (minus any costs and fees owed to the servicer and its affiliates) to the invest…or on the loan (lender or agency). If there is a deficiency, the difference may be written off and a 1099c issued to the debtor, effectively ending the matter, or if legally allowable the lender may pursue the debtor through a collection agency or the courts.
Cash is added as asset and amount of loan is recored as a liability.
Contact your lender they will tell you.
You must pay the loan balance out of the proceeds at the time of the sale. You must pay the loan balance out of the proceeds at the time of the sale. You must pay the loan b…alance out of the proceeds at the time of the sale. You must pay the loan balance out of the proceeds at the time of the sale.
Loan repayment will reduce the amount of loan liability from liability side of balance sheet as well as reduce the cash or bank account as the payment is made through bank… or cash. General entry is as follows [Debit] Long-term loan xxxx [Credit] cash / bank xxxx