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Can the bank report the car stolen if you default on a car loan?

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2015-07-15 18:24:59
2015-07-15 18:24:59

NO, it wasnt stolen.

No, why would they report it stolen?

If you default on the loan they will simply have it repossesed in order to sell the car and recoup some (and if they are lucky all) of the funds needed to payoff the debt.

Yes they can actually. If you are leasing or financing you signed a contract. Once you default on that contract, the contract can be deemed void and therefore your rights to drive the car can be terminated. If they are unable to reach you and you are "not cooperating" they have the right to report their property as stolen in order to get the vehicle back.

For further help, look over that contract you signed. = )

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it is if you report it to the police as stolen

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NOT unless it was stolen. Stolen cars are reported stolen. Cars securing a loan in DEFAULT are reported as DELINQUENT to the credit bureau. If you choose to report the car stolen, go ahead. I would not reccommend it though. Filing a false police report is illegal in most jurisdictions.

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Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.

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No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.

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Call the bank. Explain the situation. Try to get the loan transferred into his name. If he doesn't co-opperate, call the cops and report it as stolen.

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If you have signed the vehicle title over to them as security for the loan, or they hold some kind of legal paper giving them ownership, yes. If you don't pay back the loan, or fail to surrender the vehicle to them, legally the vehicle belongs to them. ----------------- No, it is a civil matter. They can repossess the vehicle, report as a default on your credit and sue you for defaulting on the contract. ------------------ READ YOUR LOAN CONTRACT! If you default, and then conceal the vehicle from them, or their repossession agents, you have "converted their asset to your own use" - which is the definition of larceny - which is a criminal offense.

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Probably not - the reason a parent had to co-sign on the student loan is so the bank gets its money back if the student defaults. Unfortunately, you are probably on the hook for all the money and the default will be reported on your credit report.

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It will depend on what type of loan it was that you co-signed for and is now in default. The federal government will probably not give a loan, but a private bank may if you can present a good case about why that default is not representative of how you run your finances.

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You didn't have the title to begin with. The loan company or bank does. So, you didn't loose it, but you may loose the car since it is in default . The loan company/bank owns the car, not you.

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i would report it stolen. if the payments are made the loan company can and probably will come after you for the money. If you report it stolen to the cops you can at least report it to the insurance company and the loan company and that should remove your responsibility.

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If it was a normal default, then they couldn't/wouldn't... but if there are criminal circumstances surrounding the loan, for instance if the bank finds out the loan was given based on lies by the person applying for the loan, or the money was used in a criminal endeavor, then of course they can file a criminal complaint.

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Nope, that is why you had to be co-signer. The bank was concerned that the loan might go into default and they wanted to be protected. If you took on the obligation you will be held responsible.

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cut the chain i will not take the pladge

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Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.

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If you don't pay a loan when due, you default on the loan.

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Does anyone know if your car is put in default what is the next step? Car I pay what is owed for the 3 months or does the full balance on the car have to be paid? Does anyone knoW?

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If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.

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To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????

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Yes. If you are seeking a bank loan, the lender will want to see a business credit report in most situations.

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"Right of set-off" refers to the bank's right to debit your deposit account for fees / loans/ or expenses you may owe the bank. Most often, this is used when a person has a loan with the bank that is in default. In order to pay the loan, the bank utilizes it's right of set-off to take the necessary funds from the person's checking account at the same bank and apply those funds to the loan.

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Putting a current property up for security for a new loan. That way if you default on a payment the bank can reposess the property

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Can I get loan from bank with 682 credit score.


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