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You answered your own question. CROSS COLLATERALIZATION.

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โˆ™ 2015-07-14 16:09:39
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Q: Can a credit union in Maryland repo vehicle that is cross colatoral on another loan if the car is paid up to date?
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Related Questions

Can you refinance a vehicle not included in a bankruptcy but owned by a credit union that had another account discharged?

If the vehicle is owned by someone else (the credit union) then it is not yours to raise finance on.

What is the journal entry for trading a vehicle for another vehicle?

Debit new assetdebit loss (if any)debit accumulated depreciationCredit cash / bankcredit profit (if any)credit old car trade-in

How much is car tax in Maryland?

6% of the purchase price of the vehicle less credit for the trade in. Document fees & warranties are included in the purchase price (they are taxable). Insurance ( credit life/disabilty) is NOT taxable.

Should you apply for a credit increase before or after applying for a vehicle loan?

For a better chance at getting the vehicle loan, increase your credit after the vehicle loan. Increasing your credit before may reduce the your vehicle loan amount.

Maryland statute of limitation on credit card debt?

Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Maryland is 3 years. That would be from the last use or payment.

What is the sol for credit card debt in the state of Maryland?

Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Maryland is 3 years. That would be from the last use or payment.

If you are given a blank check from a loan company for a vehicle purchase and instead are granted credit through a dealership can you still use the blank check at another dealer for another purchase?


How long does it take to hit your credit report after purchasing a vehicle?

It takes at least six months to hit your credit report after purchasing a vehicle.

Will voluntary car reposesion hurt your credit?

if i let my vehicle get reposesed will it hurt my credit?

Is credit score important to know when financing a vehicle?

Yes credit score is really important to know when you are trying to finance a vehicle and you can always get credit scores from a number of places like

Is it legal to buy lottery tickets with a credit card in Maryland?

can i use credit card to buy power ball tickets in md

What is another name for a credit note?

A credit note is another name for and adjustment note

How do you post a journal entry for the sale of a vehicle?

Debit cash / bankCredit vehicle account

What are journal entries for sale of vehicle for a non profit entity?

debit cashcredit vehicle

What is the journal entry to write off a motor vehicle involved in an accident?

Debit loss of motor vehicleCredit vehicle account

Can you pay your credit card bill by another credit card?

Yes you can pay your credit card bill by another credit card. It is called balance transfers, you can transfer the balance of another credit card that has a high interest to a credit card that has a low interest. Hopefully this answers your question.

What statute of limitations for judgments on a credit report in Maryland?

Judgments do not have a statute of limitations on a credit report. They will stay on until they are paid off or satisfied.

How long do repossessions stay on your credit report?

Vehicle repossessions stay on you credit report for 7 years.

How do you pass journal entry for vehicle sale?

Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)

What happens if you dont return a vehicle under repo?

If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.

Can you still renew your drivers license if you owe the lender due to repossession?

Yes. The DMV (Department of Motor Vehicles) has nothing to do with whether or not your vehicle was reposessed (nor do they care). This will, however, affect your credit and ability to buy another vehicle.

What is entry for vehicle loan taken from a bank?

vehicle a/c debit bank loan a/c credit

What are journal entries for sale of vehicle for non profit?

debit cash / bankcredit vehicle account

Can you return your car to lender if you can make a payment?

Yes, you can. The only problem is you have an obligation like a contract to purchase this vehicle. If you do not meet your obligation it will become a blemish on your credit record. When you attempt to buy another vehicle, creditors will see this blemish and it may cause difficulties in your next attempt to purchase a vehicle. You may be seen as not credit worthy in trying to finance an automobile in the traditional finance method.

Can you transfer all of your Maryland high school credits to Virginia?

You can, every credit transfers