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Can you be sued by a finance company once you have defaulted on a car loan?
Wiki User
∙ 17y ago
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
Wiki User
∙ 17y ago
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How do you get your auto deed once my loan has been paid off?
Call the finance company. If the loan is paid off, they should just mail you the title. Sometimes it takes 30 or 60 days.
Can a student loan company withhold your income tax returns?
Yes, if you have defaulted on a student loan your taxes can in fact be taken by the government to repay the loan. Please note that they will also charge additional interest as well as penalties. If you have made payment arrangements with a your guarantor once you have made 4-6 consecutive monthly payments you can have the withholding released.
Can a loan company repo car at 12am on a Saturday?
Legally, once you have defaulted they have the power to take your car at any time...even after dark. Many cars are repossessed at night as the repo men can expect less chance of confrontation when you are sleeping.
What is the difference between deemed default and default of a 401k loan?
In 401(k) Plan if you take a loan and then as per the schedule you are suppose to pay the loan back but if in case participant fails to repay the loan for a specific period of time decided by employer then his/her loan will be treated as defaulted. It depends on the employer to send notification to participants about their loan status. Once the loan has become defaulted in one calender quarter and it is not getting paid untill next/following calender quarter then the defaulted loan will be treated as deemed(considered) as payment taken out of 401(k)plan subject to all taxes and also early panelty taxes if particpant age is less than 59.5.
How can one finance a new home?
In order to finance a new home one must first find the home that they want to buy. Then they must go to the bank and speak with the lender and apply for a loan. Once the loan is approved they can move forward with the purchase of the home.
How do you get your auto deed once my loan has been paid off?
Call the finance company. If the loan is paid off, they should just mail you the title. Sometimes it takes 30 or 60 days.
Can a student loan company withhold your income tax returns?
Yes, if you have defaulted on a student loan your taxes can in fact be taken by the government to repay the loan. Please note that they will also charge additional interest as well as penalties. If you have made payment arrangements with a your guarantor once you have made 4-6 consecutive monthly payments you can have the withholding released.
Can a loan company repo car at 12am on a Saturday?
Legally, once you have defaulted they have the power to take your car at any time...even after dark. Many cars are repossessed at night as the repo men can expect less chance of confrontation when you are sleeping.
Is it possible for someone to finance a car in their name then once approved sign the bank loan over to you?
NO!
What is the difference between deemed default and default of a 401k loan?
In 401(k) Plan if you take a loan and then as per the schedule you are suppose to pay the loan back but if in case participant fails to repay the loan for a specific period of time decided by employer then his/her loan will be treated as defaulted. It depends on the employer to send notification to participants about their loan status. Once the loan has become defaulted in one calender quarter and it is not getting paid untill next/following calender quarter then the defaulted loan will be treated as deemed(considered) as payment taken out of 401(k)plan subject to all taxes and also early panelty taxes if particpant age is less than 59.5.
If you make three consecutive payments on a defaulted car loan are you still considered in default?
Once a loan of any kind has defaulted, there is no changing it. If you mean that you missed one payment, this is not necessarily a defaulted account. Once the lender sells your debt or passes it to an agency to recover the amount owned, then things are different. In the UK a missed payment or late payment will show on a credit search for six years. This can be removed if the total amount of the loan has been paid and you write to the credit agency to ask them to remove the information. Do not pay someone to do this, it costs nothing!
Can a car finance company charge interest once the principal is paid?
yes it can
Can you finance a car that is paid for?
If it's paid for, there's no need to finance it. Once it is paid for, it is possible to take a loan out against the vehicle as collateral, but then it's no longer paid for at that point.
Can they repo a car once you have paid up to date but still owe 7000?
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
Can a loan holder prevent plate renewal and registration if you are behind on car payments Also does the finance company get a copy of the registration once it has been renewed?
No to both questions. But the repossession agent has access to all that information and then some.
How can one finance a new home?
In order to finance a new home one must first find the home that they want to buy. Then they must go to the bank and speak with the lender and apply for a loan. Once the loan is approved they can move forward with the purchase of the home.
How can wage garnishment for a student loan be stopped?
AnswerGenerally once the judgment has been executed as a garnishment it will run until the debt is paid. In many states a creditor must return to court every 60 or 90 days to renew the garnishment order.The necessity for renewal does not apply to wage garnishment for federally funded student loans.I know of one company that can get a garnishment lifted and restructure a defaulted student loan with a low manageable payment, the company is www.defaultms.com
