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No.
If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
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∙ 14y ago
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Can you use your car as collateral for a loan?
Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.
Can you sell your car if it is being used in a cross collateral loan?
No, it has a lien on it. You cannot sell it without permission from the lender.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Can you sell a car and hold the title for collateral?
Of Course! That's what the bank/finance company does!
Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
If you get a cash loan against your car title can the lender reposses your car?
You DON'T have the title if you have used as collateral, remember, you signed it over to the them.....Yes, they can get the vehicle
Will I need collateral for a cash loan?
Yes most of the time you will need some type of collateral for a loan. Typically the most common collateral used for these types of loans are car titles.
Is a car used as collateral money or not?
It's possible. Many lenders will accept a customers car as collateral against a loan. The only down-side is - if you default on the payments - they'll take your car - whether you want them to or not !
Where could you sell used car parts?
You can sell used car parts at a car show/swap meet. Alternatively, you can sell used car parts on craigslist.
What happens if you sell a vehicle that you used as collateral?
some one will come looking for you for money or blood
