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Can citifinancial place a lien on your home for non payment of a personal loan when they have a your vehicle as collateral?
Wiki User
∙ 9y ago
CitiFinancial will not place a lien on your home if they have your car as collateral. They will place a lein on your car and you risk them having your car repossessed.
Wiki User
∙ 9y ago
Yes, if you default on a personal loan with a vehicle as collateral, Citifinancial may place a lien on your home to secure the debt. This would allow them to pursue a foreclosure on your property if the debt remains unpaid. It's important to consult with a legal professional to fully understand your rights and options in this situation.
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Is it illegal to use a financed vehicle as collateral on a loan?
It is not illegal to use a financed vehicle as collateral for another loan, but it's important to check your financing agreement to ensure there are no restrictions. Additionally, defaulting on the new loan could put your vehicle at risk of repossession by the lender.
What do I do Vechile repossession Miami fl?
If your vehicle is being repossessed in Miami, FL, you have a few options. You can try to negotiate with the lender to see if you can work out a payment plan to catch up on missed payments. You can also try to refinance the loan or sell the car to pay off the debt. If the repossession has already occurred, you may need to contact the lender to find out how to retrieve your personal belongings from the vehicle.
Is it against the law to write someone a check then stop payment on it?
Stopping payment on a check without a valid reason could be considered a form of fraud and may be against the law, depending on the jurisdiction. It's important to ensure that you have a valid reason for stopping payment on a check and to follow proper procedures if you need to cancel a payment.
What are the examples of the civil code of article 1213?
Article 1213 of the Civil Code generally pertains to the notion of a debtor being responsible for any kind of deterioration or loss of an item pledged as security. An example could be if a borrower uses a car as collateral for a loan and then gets into an accident causing significant damage to the vehicle. In such a case, the borrower would be held accountable for the loss in value of the pledged asset.
When does not allowing car repossession become a crime in California?
Not allowing car repossession can be considered a crime in California if the person intentionally hides or conceals the vehicle with the intent to defraud the creditors. This is known as "fraudulent concealment of collateral." It is a civil offense that can result in civil penalties and potential criminal charges.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
Can a vehicle be repossessed if the payment is 21 days late in New York State?
READ your CONTRACT. IF the contract is in DEFAULT, the collateral CAN be repossessed.
Can you sell your car if they sent you the title by accident and continue your payments?
Not a wise idea because your contract with the finance company probable holds the vehicle as collateral. If you no longer have the collateral they can demand payment in full to satisfy the loan.
Can a vehicle be repossessed because the payment is 15 days late after 4 years of payments and only 3000 dollars owed?
If you are in DEFAULT of the contract, the collateral can be repoed.
How do you put a lien on a vehicle?
how can i put a lien on a motor vehicle for a loan that was put out and no payment made yet on the personal loan
Can you use a vehicle for collateral?
YES YOU CAN
Who holds the collateral in a loan with collateral?
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
What are the pros and cons of collateral loans?
Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.
Can a collection agency take possession of a vehicle in Maryland?
If your vehicle is the collateral for the loan, then yes.
Can your car be repo'ed if you have the title?
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
What does the bank do when it uses your vehicle for collateral on a personal loan in Ontario Canada?
Well, don't quote me on this but logic would lead one to believe that technically the lender would have a lien against the car, so, in the event of non-payment they would sell your car and return to you all monies, if any, above and beyond the balance and costs. .
Is it illegal to use a financed vehicle as collateral on a loan?
It is not illegal to use a financed vehicle as collateral for another loan, but it's important to check your financing agreement to ensure there are no restrictions. Additionally, defaulting on the new loan could put your vehicle at risk of repossession by the lender.
