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Can a bank use my vehicle as collateral for someone else's loan?
Wiki User
∙ 15y ago
The bank MAY be pursuaded to consider it if the car has enough value. However, you should be asking yourself why you would place your car at risk for someone who cannot otherwise obtain a loan. Can you afford the risk of losing your car. You would need to sign your car over to the bank. If the borrower defaulted the bank would take your car.
Wiki User
∙ 15y ago
Cheryl Pitts
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Can they seize a bank acoount with someone else name on it on a judgment?
no, not if its also in someone elses name
Can you direct deposit to someone elses bank account?
Yes you can!! If you are trying to deposit into someone elses account, fill out your direct deposit form and provide their Bank ABA (routing number) and Account number. Direct Deposit is an ACH transaction. All you need for ACH transactions are the ABA and Acct numbers.
Can a bank refuse to release collateral if they have excessive collateral?
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
What provides a bank with collateral on a car loan?
The car itself
How do you use Check as a collateral?
You cannot use check's are collateral. Either cash or bank deposit receipts or property can be used as collateral. Usually check's have a validity period of 6 months after which they are useless. So banks would not accept them as collateral
Who owns the vehicle the bank or the person?
In a loan where the vehicle is the collateral, it is registered, but if you do not keep up with your payments, the bank stakes their claim and reposseses it, so in a way, the bank owns it, and it is a rent-to-own vehicle.
Can they seize a bank acoount with someone else name on it on a judgment?
no, not if its also in someone elses name
Can a bank repossess a vehicle that is not used for collateral?
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
Collateral securities used in bank lending?
what are the types of collateral securities used in bank lending
Can you direct deposit to someone elses bank account?
Yes you can!! If you are trying to deposit into someone elses account, fill out your direct deposit form and provide their Bank ABA (routing number) and Account number. Direct Deposit is an ACH transaction. All you need for ACH transactions are the ABA and Acct numbers.
Can a bank refuse to release collateral if they have excessive collateral?
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
Is it a crime to open a mothers mail and then using it to call bank for greed?
Yes, It is a Federal NO NO to open someone elses mail. and to impersinate someone to a Bank its also Federal NO NO. You just dont do stupid things like that.
If you have the title to your vehicle can the bank still repossess it?
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
In Ca can the bank repo a vehicle on a credit card if the amount owed on the vehicle is current but you are behind on the rest of the card?
I don't think so. Is your car collateral for the card? If it is they may be able to do that, but I am not sure.
My car was stolen by someone that was suppose to fix it He now has put the title in someone elses name you still owe the bank 25000 what are the steps to recover your vehicle?
Report it to the police. I'd tell the bank too: the title should be in their name, and if he's fraudulently retitled it, he's stolen THEIR property and they've probably got more expensive lawyers than you can afford.
What type of cred it is if a bank loans you money to buy a new car?
Normally it is called an Auto Loan if you are using the vehicle as collateral for the loan. But, you can use something else as collateral such as your home, in which case it would be a Home Equity loan.
Is it illegal for someone to take a bank statement addressed to two other people from one of their houses and open it?
Yes tampering with someone elses mail or mailbox is a federal offense.
