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Not really. There is no residual value assigned to the leasee, so there is nothing to foreclose on. At the end of the lease you have nothing.
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∙ 17y ago
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Can you use your car as collateral for a loan?
Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.
If you have a new leased car is there any way to get a loan to pay off your lease and possibly lower payments?
A leased car could not be used as collateral. If the loan amount were larger than that which the lending institution considered a "personal loan" the borrower would need to present property that would secure the debt.
The meaning of repossession?
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.
Where can one get low interest financing for a leased car?
One can get low interest financing for leasing a car either from the car dealer or the bank. The bank is likely to have lower interest rates and will accept the car as collateral for the loan.
Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Is a car used as collateral money or not?
It's possible. Many lenders will accept a customers car as collateral against a loan. The only down-side is - if you default on the payments - they'll take your car - whether you want them to or not !
Will I need collateral for a cash loan?
Yes most of the time you will need some type of collateral for a loan. Typically the most common collateral used for these types of loans are car titles.
If a creditor garnishes wages for debt can they take your car?
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
