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YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.

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โˆ™ 2011-04-18 18:45:20
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Q: Can a bank report a car stolen if in default of payment?
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Can the bank report the car stolen if you default on a car loan?

NO, it wasnt stolen. No, why would they report it stolen? If you default on the loan they will simply have it repossesed in order to sell the car and recoup some (and if they are lucky all) of the funds needed to payoff the debt. Yes they can actually. If you are leasing or financing you signed a contract. Once you default on that contract, the contract can be deemed void and therefore your rights to drive the car can be terminated. If they are unable to reach you and you are "not cooperating" they have the right to report their property as stolen in order to get the vehicle back. For further help, look over that contract you signed. = )


Can you stop payment on a cashiers check?

Being able to place a stop payment on a cashier's check depends on the bank. If the cashier's check has been lost or stolen the bank may place a stop payment on it.


What happens when a car payment go into default for the cosigner?

The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.


Can a car place repo your car if you have made half of your payment?

Not making the entire payment is still a default on payment. You will be charged the late fee and you will need to make it right with the bank or they will start the process of repo.


If you buy a car but never pay a payment and the bank takes the car does it show on your credit report?

Yes.


Letter of credit definition in Philippine terms?

A Letter of Credit can be issued in the Philippines as a way to ensure that payment will be made to creditors. If the beneficiary does default on his payment, his bank will pay his creditors what is owed.


What is mean by Retail transfer E-Payment?

Contact the Pay Day Loan company and request that it be stopped. Get something in writing. If that doesn't work, report your checkbook as lost/stolen. Your account will be frozen until the bank changes your account number.


What is loan against property?

Putting a current property up for security for a new loan. That way if you default on a payment the bank can reposess the property


What is loss rate on credit exposures?

if a borrower has default in payment ...so it a loss to bank...n the percentage of loss is the rate on its credit exposure


If your car is in repossession and the repo man never finds it will the bank or dealership eventually report it stolen?

Why would they report it stolen?? IF it was stolen from you, then YOU would report it stolen. The lender loaned MONEY so they will recover money(garnishment, leins, ect.) if the collateral disappears. They will eventually find where you are working and you will pay for not only the car but court fees. Do yourself a favor and give the car up it's not yours.


Can banks or building societies default you for a bank account and put this info on credit reports?

I'M NOT SURE ABOUT BUILDING SOCIETIES, BUT I KNOW THAT BANK ACCOUNTS THAT ARE IN DEFAULT WILL APPEAR ON YOUR CREDIT REPROT. TAX LIENS, JUDGMENTS WILL ALSO APPEAR ON YOUR CREDIT REPORT.


If you default on an unsecured line of credit from a bank can they take money out of your joint bank account?

of course. i have a joint line of credit with my ex. Under the separation agreement, he took over the line of credit. He delays the minimum payment for one day. The bank threatens to withdraw the minimum payment plus penalty from MY PERSONAL BANK ACCOUNT.

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