Loans

Can someone use your vehicle as collateral on a loan without you signing the loan?

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2012-05-26 19:17:21
2012-05-26 19:17:21

Not Legally

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Normally, you cannot rent without signing a lease unless you rent from someone you know who is willing to enter into this type of arrangement. You can also sublease from someone.


No. When you mortgage a property you are signing yourinterest over to the bank as collateral for the loan. You can't do that if you don't own the property.


A title cannot be changed without the owner of the vehicle signing off on the seller line. A title can be transferred and a vehicle registered by a person other than the registered owner in most states.


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.


Yes vehicle tracking devices can be used on your vehicle without your knowledge. If you find this to be the case and it was not put there by the police it is illegal.


If you allow someone to drive your vehicle without a licence, you could have your licence suspended. It is illegal.


think about it if you had a nice ride and someone without insurace would hit you and possibly total your nice ride,you would be stuck,he wouldn't have insurance to replace your vehicle and your insurance will jack your rates up,or may not even replace your vehicle,so yes they should arrest someone without insurance.one more thing,what if that unisured driver would hit and kill someone


Yes you can ask a question without signing up for an account on WikiAnswers.


IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.


A Green Clause Without Collateral


If the creditor is the loan holder of the vehicle a lien is already in place. The title will show the loan provider as the primary lien holder. That insures the vehicle as collateral and if default occurs the lien holder can repossess the vehicle without going to court. Except in the few states that require the creditor to obtain a replevin order before seizing the vehicle.


Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate of 12% or higher.


Yes because you have no idea what you are signing away you could be signing away almost anything


Yes, It is always illegal to drive without your financial responsibility. It doe snot matter if it's your vehicle or someone else's


Yes, a question can be answered without signing in, but not signing in means you do not get the contribution points, and the last edit would show up as an ID rather than your user name.


If the vehicle is registered to you, then this is grand theft. Call the police and report it. If the vehicle is not owned by you, then it may be theirs and they have a perfect right to drive their own vehicle.


Sorry. You can not play methletics without signing in. I have looked everywhere for answers but no. You can't.


ONLY if you can find someone to buy it without a title. NO buyer, NO seller.


File suit in the appropriate state court in the county in which registered owner resides. If a judgment is granted it can be executed as a lien against the vehicle according to the laws of the judgment debtor's state. The lender is the primary lien holder if the vehicle has been used as collateral and a secondary lien can be enforced without the lender's release after the lending agreement has been completed.


The owner of the property where the vehicle is located can remove it/ have it removed, in most cases without the necessity of notifying the owner of the vehicle.


You need to read the contract you signed, preferably before signing it. I assume you mean the sales contract or finance agreement as you don't say which you are talking about. If you read the contract you will see that you agree to have auto insurance. I also assume that you have wrecked the vehicle and are trying to find someone else to blame for your problems. You will still be responsible to pay for the vehicle whether or not you have insurance or a license. It will not make any difference or get you out of this issue at all. You will also be responsible to pay for any damages and injuries that you caused someone else if you hit someone. Sorry.


It is my understanding from my insurance company that if I "give permission" for someone to drive my vehicle and I have full coverage then my vehicle is covered. Recommend you ask your insurance carrier this question, they will be happy to give you an answer regarding your policy.


It depends on the terms of the arrangement. In case you borrow cash to buy a vehicle, for instance, that automobile would be subject to repossession in case you default on the business loan. A line of credit can be secured without collateral; however providing something up will frequently lower your interest rates and give you access to greater financing.


{| |- | No, they cannot. Until the minor reaches adulthood they cannot sign a contract to buy a vehicle. Someone must co-sign for the vehicle and agree to be responsible. |}



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