Sure, you can. The entire sub-prime lending market is waiting for you. Max legal interest rate, higher DP, its all about you. The OCC bulletin 2001-6 says:
"The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers.
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
Once you are late by a single day you are in violation of your loan agreement which means you can be repoed.Until you bring your loan completely current....late fees and all you are in danger of being repoed.Read your loan agreement.
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.
After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.
I have a welding machine on the truck they repossessed can they keep that?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.
One Kansas attorney says 20 days and another says 10 days.
Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
Cancel your policy.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.
Yes it can be done,read your loan agreement.
You need to visit the bank, sit down with the loan officier and discuss this. You need to be responsible for this matter and once you show the bank that you are, they WILL work with you.
depends on your state law, here in MD you get one shot to "re-affirm" you loan. TO bring current the payments missed and late charges and the wonderful repo charges...... then the next time it is up to the Lien Holder.
Once your vehicle is repoed, you will have the opportunity to pay the loan up to date, plus any fees associated with the repo to redeem your vehicle. This timeframe is relatively short in duration, so if you fail to make the payment that is required, the vehicle will be auctioned.
IF the lender agrees to that amount, yes. Sometimes they want you to pay the loan off completly. And you have to pay the repo fees. Call the lender and find out.
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.
Your first mistake was borrowing money from a title loan company. IMO they should all be put out of business. They prey on the poor and charge an exorbitant rate of interest. You now have 2 options. Pay the loan off and keep your car or allow them to repossess your car. You can hide it, but eventually they will find the car. Don't give these sleeze bags the satisfaction of getting your car. Do whatever it takes to pay off this loan. Once yo do that your problem is solved. Never, ever, borrow money from a title loan company again.
Once it is repossessed, you are ll done with the car and any issues arising from it. Your credit score will take a hit, but that does not mean you can never get anything else on credit. It does mean that your interest rates on a new or used car will be much higher than they normally would be, so forget about ever getting a zero percent deal on than new mercedes! The car will go to auction and the "owner" of the loan will get what they can for it. You MIGHT get a letter from them telling you what the car sold for BUT that does NOT mean that you are to pay the balance between what you owed and what it auctioned for. Nor are you to pay any towing fees. You are all done with that car and that loan forever. Phil
only the last one counts
Yes, and you should keep fighting to stay in your home until the foreclosure is final. Make every effort to contact and work something out with your lender. Right now the banks don't want any more repossessed homes if a refinance could help you repay your loan.