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.
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Related Questions
Do you have to pay the whole vehicle off if it is repossessed?
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.
What will happen to a car once it is 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.
Can you get a stafford loan and another loan at once?
Sure.
Can a car be repossessed for late fees only?
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.
Can you be sued by a finance company once you have defaulted on a car loan?
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.
How many times can your car be repossessed?
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.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can a title pawn sell your car after its been repossessed without telling you?
Yes. Once you default on your loan, it's their car. They're not obliged to tell you anything.
Do you still have to pay off the loan once your car is repossessed?
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.
How much time in the state of Kansas do you have once you receive notice that your car will be repossessed before the car is actually repossessed?
One Kansas attorney says 20 days and another says 10 days.
If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?
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.
Auto repossession laws in Nevada?
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.
When can a vehicle legally be repossessed?
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.
What do you do about your car insurance once your car is repossessed?
Cancel your policy.
What happens to repossessed cars?
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.
Late on your car payment by 10-15 days once car was repossessed Asked the company why they took car they said had not rcvd that months payment and no wk. Can this be done?
Yes it can be done,read your loan agreement.
When a vehicle is repossessed and the bank allows you to catch up your payment how long can the repossessor hold your car?
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.
Do all companies ask for the full balance left on the car loan once your car is repossessed?
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.
Is there any way to get a repossessed car back without paying the loan in full in Maryland?
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.
Can you get your repossessed car back once you have paid back the amount that was owed for past payments in Florida?
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.
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.
If you know of a vehicle is due to be repossessed by a title loan company parked on your relatives property and the property owner wants the vehicle moved - - what is your options?
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.
What happens to you when your car is repossessed?
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
What if a vehicle has been repossessed more than once?
only the last one counts
Can I refinance a residential loan once foreclosure proceedings have started?
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.
