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Can they make you pay back the loan if you turn in your vehicle?
Wiki User
∙ 16y ago
In a word YES any difference in the amt. of loan and amt. lender recovers can still be collected.
Wiki User
∙ 16y ago
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If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Is it normal for a finance company to turn down an immediate 2 month payment offer on a loan that is 5 payments behind on a 6 year old vehicle?
YES, it is.
Can a car dealer repo the car if the bank backs out of the loan even if you can make the payments easily and the bankruptcy has been discharged and it's a brand new loan and the title is in your name?
What you need to do is get a new loan from a different bank and work it out with the car dealership. If no bank will fund you, then you have no choice but to turn over the car - since there isn't a bank to pay them for the car, they can take it back.
Who is responsible for the car loan if they are on the top of the loan?
typically the first name on the loan is the person responsible for the payment of that account. if the first named person cant make the payments, the loan company will turn to the co-signer ( 2nd name ). if neither party makes payments the loan will go into default in which both parties will have reports on there credit history.
How can you secure your loans with bad credit?
The way to turn an unsecured loan into a secured loan is to offer some form of collateral. For example you can offer you car, your house, or any other possession to secure the loan.
Can you trade your truck if you pawned title?
Not until you get your title back. Pay off your loan, get your title back, then you're free to do with it what you will. And if you don't pay your loan to get your title back, the pawn broker gets ownership of that vehicle, and will report it stolen if you refuse to turn over your vehicle to them.
Can a vehicle be repossessed if the borrower does not make a good faith payment to the lender?
Most loan contracts state that if you are late, they can call the entire amount due. If that has happened and you have not paid off the vehicle, they can take back ownership of the vehicle. Your only option is to pay it off, sell it or turn it back.
If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Can a loan company turn a vehicle that is behind on payments into the police as stolen?
HECK NO, they have lots of legal remedies but that is not one of them.
Where could I find a good vehicle loan calculator online?
When in doubt about vehicular topics, always turn to AAA.com! They provide a vehicle loan calculator which is perfect for your needs, along with tons of information on buying both used and new cars.
How do you turn your personal vehicle into a taxi?
you dont make it you buy it
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What make/model vehicle?What vehicle?Toyota Rav4 2002
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To help you turn your backup sensor on I would need more information. What does the backup sensor go on? What type of vehicle? What year is it? an what model vehicle is it?
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if speed != 0{}
Your father-in-law passed away. Can we turn in his car and not worry about the creditors coming after us?
check with the loan company and insurance company. The loan may be insured or the insurance company may pay off the vehicle at death
How do you turn back the speedometre on a 2000 ford windstar?
Illegally!!!! Really ,not the smartest ? The only reason I know to turn one back is because u want to falsify information about a vehicle.
If you live in the state of Georgia and you voluntarily gave your car back can they start proceedings and put a lien on your home?
Unless the State of Georgia's laws specifically allow for conversion, no. A car loan cannot turn into a home loan unless you make it that way. The only thing a finance company can do (unless otherwise stated in the contract you signed) is take you to court and get a judgment placed against you. Also, just because you voluntarily turned in the vehicle doesn't mean you don't owe them any more money. You are still liable for the balance after they auction the vehicle.
