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probably not
there's no real point anyways because then it wouldn't be called a car loan. It would just be a loan.
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∙ 13y ago
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If you have a car loan and the engine dies and will cost more to replace then the car is worth is there anyway out of the loan?
Nope.
How does a lender get a judgment against you for a loan when they repossess a car?
You owed more money than the car was worth and they wish to collect the balance.
How can you re-negotiate a car loan for what it is worth rather than what you owe?
You can't. The lender wants what is owed on the car not what it is worth. This is being upside down on the loan.
If you owe 2500 more than your car is worth and you trade it in for a car that is worth 2500 less than the new car what would you owe?
If you are trading in a vehicle in which money is still owed, the amount of money outstanding will be rolled over onto the new loan for the new car you are buying. If you owe $2500 on your current car, and are buying a car for $10,000, regardless if it is worth less than your current car, the $2500 note will be added onto the new loan unless you can pay it off beforehand.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
If you are making payments on car and you owe more money that the car is worth how do you get out of it and is trading it an option?
The best way to "get out of it" is to DRIVE IT OUT. Trading is an option but you will still be owing more than the collateral is worth. Suck it up, pay off the loan and dont do that again.
Which of these allows someone to buy a car that costs more than he or she can afford?
CAR Loan
How do you sell a car if you have a loan on it but it is worth more than you still owe?
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan. This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
When upside down in a car loan how much more do you pay on a trade in?
If you are upside down with your car loan, meaning you owe more on it than what it is worth, you will need to pay the deficiency. That means if you owe $11,000 on your car and it is worth $9,500, then you will need to come up with $1,500 to erase the deficiency.Keep in mind that this may only be the first step. You may also need to come up with a down payment on top of paying the loan deficiency. If you do not put money down and are still approved for a car loan, then you will find yourself upside down with your new car.
What are the procedures for automobile repossession on a personal loan?
You'll receive a notice if you fail to make payment, and they will come pick up your car. If what you owe is more than the car is worth, you will owe the difference.
Which companies offer a car equity loan?
Wells Fargo offers a car equity loan. Montana Capital does as well. A car "title loan" is offered by most companies and is a more search-friendly term than car equity loan.
Does totaling a car affect your credit?
only if the loan is not satisfied. Sometimes you owe more than what your car is worth. Insurance company's only pay what the value is minus the deductible. This may leave a deficiency balance that has to be paid by you. If you don't pay the balance you will be in default of your loan.
