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Car loan written off and you still have car do you still have to pay it?
Wiki User
∙ 14y ago
most cases no.. the company will write it off to the IRS as cancel credit/debt..
Then you will become responsible for taxes on the balance owed. Which the IRS will send you a 1099-C If you ever receive one paid it in full, interest and plenty fee will apply after a due date..
Wiki User
∙ 14y ago
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What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
If you have a bad payday loan can you still receive a car title loan?
yes if you are lucky enough. I guess nationwide car loan executives are very smart enough to give you car title loan even if you are having bad payday loan.
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 happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
Can you add a previous car loan into a new car loan?
No, it is not possible. Your previous loan must be completed to get a new car loan
Still owe finance on car that has been written off do you still have to pay?
Yes, that is what should be done with the insurance money, pay off the car loan.
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
If your car has been charged off can it still be reregistered?
If the loan on your car was charged off then the lender has written it off as a loss. You can still renew your registration. It surprises me though that a lender would charge off a secured loan.
If your car that you took a bank loan out for was in an accident and written off and your insurance company sends you a check for the car's value do you then have to pay off the bank loan in full?
Yes, you are still responsible for whatever amount remains unpaid on your loan.
What are your options when you have totaled an uninsured car that you still owe A LOT of money on and you need a car to get to work still?
Make another loan-quick before the wrecked car loan goes bad.
You still have finance on your car but like a new car how can you do this?
The amount you owe on your old car is added to the loan on the new car,and that finance company is suppose to pay off your old loan.
Can you trade in your used car that you still owe on for another used car?
Yes, but only up to the value that is not currently owed on your existing car. You are still responsible for making the payments - unless it is specifically written that the loan can be assumed by anyone.
What do you do when you cant fix your car and you still owe on a loan?
You still pay the car note and enjoy the lawn decoration
If you have a bad payday loan can you still receive a car title loan?
yes if you are lucky enough. I guess nationwide car loan executives are very smart enough to give you car title loan even if you are having bad payday loan.
How do you trade in your car when you are still paying the loan for the car?
The balance you owe on the car that is getting traded in will be added to your new car loan. Example You owe 10,000 for the car you want to trade in They give you 6,000 for trade in your new car costs 20,000 you will either have to pay that 4,000 or they will add it onto your new car loan from your car you traded in.
Can I still get a loan from my car title if I still owe on it?
No. The loan takes the pink slip which you don't have. The bank owns the car until you pay it off and has the pink slip.
