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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.
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∙ 10y ago
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Can a car finance company charge interest once the principal is paid?
yes it can
Can you finance a car for someone else?
Yes, but you are responsible for that loan until paid or transferred.
What can a finance company do if you voluntarily give them their car back?
They can keep the money you already paid.
Can you part exchange a car already on finance?
Hi I part exchanged a car which was a market value of £4995 when I bought it on finance after just 9 months. The value of the car I wanted was higher and the way it worked was the new car manu paid me the settlement figure as a part exchange amount and that was paid off. We then started a new finance agreement for the new car. I don't know if it works when you want to buy a cheaper car than the car you are part exchanging.
If you give a car back to your finance company are you responsible for negative equity on the car?
Yes - unfortunately you didnt borrow a car, you borrowed money. Your car has depreciated faster than you have paid off your loan it is your responsibility to pay the rest not the finance companies.
What happens if your car gets stolen and you have no insurance and the car is on finance?
The finance company will want to be paid in full if they find out it's stolen. The responsibility to satisfy the loan falls on you seeing that you failed to maintain insurance.
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
How much would Karen finance on her new car if she paid 20 percent down on a 14564 car?
If she paid 20% down, she would finance the other 80% .0.8 x 14,564 = $11,651.20(She should be careful not to forget about tax, title, license, dock fee, etc.)
My car was in an accident and is still at the body shop which hasn't been paid yet he finance company wants to repossess the car. Can they repo it from the body shop?
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
Do you need full insurance when you finance a car?
Most finance companies will make you carry full insurance, at least till it's half way paid off!
Can the finance company report a repossession to the credit bureaus if the fees were paid and the car returned after five days?
""Car was reposssess."" You answered your own question.
You have finance on a car so can you get another one with the same finance?
You can get another car financed with the same company if they will extend you credit. If you have your loan paid down and a good credit history with them, they will more than likely lend you more money.
