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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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∙ 13y ago
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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.
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.
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.
If the bank called to tell you that they are going to come pick up the car and if they don't have the car in 3 days they will report it stolen can you try to work out payments with them?
Ah the lovely banks.....they cannot report the car as stolen if they do it would be filing a false report.The police will not get involved in this matter it is a civil matter between you and the lender.The bank can however send a repo guy get the car.....good luck working out a payment plan with these guys!!!!If you do get something worked out get it in WRITING and read it ALL before you sign it!!!!
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 the bank repossess a car without physically having the car?
My car was stolen by an ex, Did you REPORT it stolen? who phoned an insurance agent about cancelling policy on the stolen car WHOs name was the policy in?? I cant cancel YOUR ins. but I can mine.So, this whole mess was supposed to be in litigation with the insurance co included. that's one issue in itselfI have been charged with a reposession due to default. I refused to pay a car payment each month for something that was not tangible. ***THIS is another issue between YOU and the LENDER.The insurance agent illegally uninsured my car and refused to estimate it. YES if you didnt pat the payments, you were in DEFAULT of the loan. So, undoubtedly YOU had the loan, who had the ins.?? That problem should help settle the repo problemAm I liable for this repossesion?
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
