Auto Loans and Financing

Can you get out of a car loan contract?


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2008-05-27 09:52:56
2008-05-27 09:52:56

NO. Trade or Refinance

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A contract for a car loan does not expire. A borrower must pay the balance on the loan in full, according to the terms, in order to take ownership of a car. A lender can repossess a car at any time due to a default on the loan, even if there is only one payment left.

Under "contract law", in this instance the loan/payment agreement you signed at the time the car was handed over to you.

If they both signed the contract and were legally able to enter into a loan contract no names will be removed. All signers remain equally responsible for the loan until it is paid off.

You must be 18 to sign a legal contract, i.e., to obtain a loan.

There is no single answer to this question. The amount of time you have to pay back a car title loan will be described by the terms of the loan agreed to by the parties. You would have to check the contract.

IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.

YES, the contract is what they sue for unless the car is listed as COLLATERAL for the loan. Then they repo the car and sue ya.

Yes, once you reach the age of majority, usually 18, you can signa contract and obtain a loan.

Assuming you mean, can you get a car loan if you are in a Chapter 13, the answer is yes. You must have a contract for the purchase and loan with all elements determined (no blank spaces) and then file a motion for it to be allowed. If the payments replace a prior car loan or an existing car loan, there should be no problem. If your car loan payments would be significanly higher, you will have to amend your plan to show how you can afford the payments without affecting the plan.

Check your copy of the contract that you signed for the loan. If this action for failure to pay is in the contract then they can do it.

Yes. You signed a contract for a loan amount. That is the principle. The car only secured the loan. The loan is the only real value to the lender. They do not want the car. They only take the car to resell it to apply that payment to the loan. Any outstanding balance plus accured fees are yours to pay.

At sixteen you are not legally old enough to sign a contract, so I don't think a loan without a cosigner at 16 is likely.

A car loan is a contract. A contract can only be modified (unless declared illegal or void) with the agreement of all parties, so - no - the cosigners can not remove themselves without your approval.

This depends on what type of contract you are in. If you are in a auto loan contract through a bank or Federal Credit Union, I suggest you talk to your bank about it. Some banks have offers where you can refinance the car at a lower rate or extend the loan period at a lower rate. Be warned if you attempt to change your auto contract, expect to pay a lot more then what you got approved for on the car. If you are on a rent to own auto contract then no.most rent to own places will not allow you to change the contract. Overall I suggest you talk with your bank first and see what type of options you have. Most the time banks will not offer you the ability to change your auto contract since the auto loan contract is considered as an installment loan which is a fixed monthly payment.

YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also. You should have had full coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn't that expensive and would have covered theft.

As long as its in HER NAME on the TITLE, you better have a loan contract showing the car as collateral before you 'take" it.

Nope, once you sign, the car is yours. You can still pay the loan for the car without insurance.

Yes, IF the lender has a contract specifing the car as collateral for the loan. Once you use the car for collateral, all the titles in the world wont stop the repo if you default the loan.

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